What’s Wrong With Retail?
Best Buy is bombing out.Sears, owned by Kmart since 2005, is also sinking. And Radio Shack is a wreck.
How did this all happen? First and foremost, these retailers all got caught, to varying degrees, in the muddle in the middle. Or maybe in the middle of the muddle. Today, to compete effectively, you just can’t be beige or average, and their stores and their offerings were basically “so what?” in every possible category. If you don’t stand for something in the consumer’s mind and carve out a demonstrable and defensible niche, you’re nothing. You can’t save yourself with advertising, promotions, coupons, and circulars. These days, any kind of “brute force” spray-and-pray advertising (regardless of the channel) is the unavoidable cost of being boring.
Source: What’s Wrong With Retail, And What Does It Mean for You? | Inc.com
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