| Retail apocalypse is a term used by the media to describe how a shift in consumer spending patterns is impacting the traditional brick-and-mortar retail store business model. The number of struggling and bankrupt retailers in the United States that have been affected by changing spending habits has prompted predictions of the demise of in-store shopping and inspired the contentious label "apocalypse," which connotes widespread disaster and destruction. Before the internet, department stores like Macy's were able to draw large numbers of customers to centralized, indoor shopping locations. In the past decade, however, these same retail giants have struggled to remain profitable as mobile computing devices have become commonplace and consumer shopping patterns have shifted increasingly online. Economists have blamed this shift on what's often referred to as the Amazon effect. The label is an acknowledgement of Amazon's early and continuing domination of online sales, which has driven much of the disruption in retail. In response, retailers have focused attention on how to differentiate their customers' in-store experience from their online experience and how to make online and in-store shopping experiences complement each other. Today, most retail sellers embrace a multichannel strategy. Pop-up stores that are promoted through social media, as well as the BOPUS purchasing model, are two good examples of how retailers are successfully responding to changing shopping patterns and keeping retail sales healthy. Continue reading about the retail apocalypse...
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