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From Home Furnishing Business
Change is a Friend of the Physical Shopping Experience
December 29,
2024 by Karen Parrish in Business Strategy, Industry 
Technology moves at a blistering pace. Over the past several decades, most of us whatever age, can remember something we used to use that is no longer necessary because it has been replaced by something different
When talking about technology, change always comes up, change that is brought about by technology, time, culture, and customers, too.
How many people remember going to the mall to shop when they were young? Department stores were anchors of malls with dozens of stores available all together with everything you need in one convenient place. According to an article in business insider in 2022, there were just 700 malls still standing and by 2032, there may just be 150 left.
What is causing this shift? While there are many factors involved, physical to online shopping is the current matter at hand.
Is this concern a reality, and is it even a necessity? Recently, an editorial on Yahoo! Finance addressed department stores like Nordstrom, Macy's, Kohl's, and Dillard's going private on the stock market. Nordstrom has recently attempted this move in a deal valued at $6.25 billon.
A analyst on Yahoo! believes that Macy's and Kohl's could be the next to make this shift. Their shareholders have been losing confidence in the companies since the department store model has been in decline.
However, the future of department & independent stores is anything but certain. There are paths to success for these shops. Various innovations in atmosphere and technique of the shopping experience could make a big difference in attracting the younger shopper that could help sustain these outlets.
Additionally, continuing the qualities that these companies have excelled at for years, decades and in some situations a century, like excellent one-on-one customer service, premium brands and customer loyalty will also maintain their establishment.
Among some adaptations that might strengthen their longevity is changing up the store's format; making it's footprint smaller to specialize or create more of a "center" with a hub that offers shopping, dining and community events.
Whatever the case, the day of the destination store is not necessarily coming to an end, especially if e-commerce and on-site business are combined to exploit the best of both worlds.