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More brick-and-mortar stores to close as retail shifts to online sales

The chain recently liquidated all of its stores across the entire country. Other large retailers like K-Mart, Sears and JC Penney have been struggling and shuttering stores as it tries to shift its business model to stay relevant in an ever-changing marketplace. Earlier this year, S&P Global Ratings released a list of 20 businesses that were at risk of closing in 2018. Among the retailers listed were well-known brands like Sears, J. Crew, Neiman Marcus, Payless Shoes and more. Some businesses that made the list, like Claire’s and Bi-Lo, have already announced bankruptcy mere months after the list was released. However, that doesn’t mean brick and mortar stores will become dinosaurs. Townsend believes that until online retailers can deliver must-have items to your doorstep within hours of purchase, the need of physical stores won’t go away. While drone technology is still being researched by groups like Amazon to bring more immediacy to filling orders, it’s not ready to be implemented in the short-term.

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