The re-engineering of the retail sector is underway. To remain competitive, stores and their real estate landlords are required to adapt. Without doing so, these businesses risk losing relevance and will likely shut down in the long-term.
Retail sales plummeted in April, which was the first month all nonessential retailers closed down because of the coronavirus. Despite this, and far before the coronavirus pandemic and stay-at-home orders, the process of re-engineering malls and their tenants had already been underway.
To compete, physical retail stores must continue evolving from being a stock room that displayed products to places focusing on delivering a unique customer experience promoting client loyalty, product knowledge, and generating recurring business.
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Michael A. Mora
Michael was born and raised in South Florida. He went to undergrad at Florida Atlantic University and earned his master's degree from the Columbia University Graduate School of Journalism. He is the crypto litigation reporter for Law.com, as well as an editor for ALM Global. You can email him at [email protected].
