PYMNTS – 06/10/20
As retail reopens and starts to spur some optimism for the future, a dark number appeared on the scene on Tuesday (June 10). Coresight released a report that says 25,000 retail storefronts will close by the end of the year. Coresight’s research is not in question here, nor is its motive or intention in preparing their clients for such an eventuality. But the numbers show that the retail apocalypse – whether driven by the pandemic or not – could become a retail Armageddon. Alternative research and other market dynamics make such a scenario seem unlikely.
There are many reasons that the number seems overly aggressive. Three of them are the most compelling: sheer numbers, market conditions and consumer sentiment. Here’s a reinforcing example: According to Cambridge Retail Advisors, 56 percent of C-level executives feel the pandemic will permanently change the way people shop, and that most consumers will move exclusively to BOPIS (buy online, pick up in-store) or BOPAC (buy online, pick up at curb) shopping, processes that begin online and end at the store.
Read Full Article: Retail ‘Armageddon’ Predictions Spur Alternative Scenarios