Stores have been closing as the full impact of consumer behavior shifts is felt by legacy retailers from coast to coast. The head of Urban Outfitters notes: "The U.S. market is oversaturated with retail space and far too much of that space is occupied by stores selling apparel."
one account, the number of shopping malls increased twice as fast as population growth between 1970 and 2015.
Lots of malls means lots of stores--yet with the ascendancy of online and mobile shopping, how many stores do legacy retailers really need?
The over-stored phenomenon and shifts in buyer behavior are leading to "zombie malls" and retail bankruptcies. Wet Seal is only one of many retailers to close its doors in 2017 alone. Some retailers are trying to reorganize as smaller chains. Is that how legacy retailing will survive?
Meanwhile, Walmart is buying smaller online businesses like ModCloth in a bid to attract their shoppers and broaden beyond its legacy customer base. Is that how legacy retailing will survive?