In the early 2000s, fast fashion brands like Zara and Forever 21 exploded in popularity by providing the latest trends at cut-rate prices. But while the former continues to thrive, this week Forever 21 announced that it would declare bankruptcy after years of declining sales. Along with closing up to 178 stores in the U.S., the retailer will also cease operations in more than 40 countries. Hundreds of domestic locations, as well as Forever 21’s website, will remain open. “What Continue reading
In the days before e-commerce, department stores like Macy’s and J.C. Penney were the ultimate shopping destinations for millions of consumers. But with Amazon now dominating much of the retail world, these companies can no longer attract the same crowds as they did in their glory days. While Macy’s recently fell far short of its second quarter sales estimates, J. C. Penney has lost a total of $101 million so far in 2019.
In order to make up for Continue reading
Today’s top sneaker brands like Nike and Adidas are constantly releasing new designs in limited supplies. As a result, many “sneakerheads” often miss out on the latest styles while they’re available at retailers. That’s where resale sites like StockX come in. Unlike eBay, StockX doesn’t rely on straightforward auctions to move its merchandise. Instead, the company treats sneakers like tradable commodities that can quickly gain and lose value. For example, a pair of Nike’s Jordans could debut on StockX at Continue reading
A couple of weeks ago, we posted a video about the rise of rush shipping and its effect on the environment. Along with impacting the health of the planet, the recent push to deliver products as fast as possible has also altered the balance of power in the shipping industry. Over the past few years, Amazon has developed its own delivery network of trucks and planes in order to decrease its dependency on outside shipping firms. As a result, Continue reading
Last week, we took a look at how online shopping and rising rents are causing many retailers to reassess the worth of their flagship stores. Among the companies mentioned was Barneys, a Manhattan mainstay that used the success of its nine-story flagship to expand across the world. The retailer first became famous for its flashy Madison Avenue window displays that drew countless people inside over the years. By the late 1990s, Barneys became an almost sacred destination for shoppers Continue reading
For many years, shoppers flocked to destinations like Madison Avenue in Manhattan and Chicago’s Magnificent Mile to experience the best that American retail had to offer. Home to flagship locations from Macy’s, Barneys and many others, these enormous stores acted as potent marketing tools as much as places to buy products. The rise of online shopping changed all that, however, causing multi-floor department stores to lose their appeal.
As a result, many top retailers are closing the doors on Continue reading
According to a press release from Amazon, this year’s Prime Day was the “largest shopping event in Amazon history.” Although the company didn’t release sales figures for the two-day bonanza, it claims to have sold more than 175 million items across 18 countries. Along with selling more Amazon devices than ever before, the e-commerce giant said this year’s Prime Day earned more than the past Black Friday and Cyber Monday combined.
During the course of all this widespread discounting, Continue reading
As the world’s most innovative retailer, Amazon is constantly on the look for new and improved ways to serve their customers. Adopting state-of-the-art technology often helps the company accomplish this task, but finding and identifying new types of tech is only half the battle. Amazon also needs skilled employees who can handle this ever-evolving business environment. Finding the right candidates isn’t easy, though: Amazon currently has 20,000 job openings in the U.S.
To fill these vacant positions, the e-commerce Continue reading
For most of the 20th century, American consumers relied on small local shoe stores to fulfill all of their footwear needs. Then big sporting goods retailers arrived on the scene followed by sophisticated online operations like Zappos. Although this increased competition forced some independent outlets to close, many others managed to survive thanks to their high level of service. At Colburn Shoe Store in Maine, for example, employees remember exactly what size shoe their customers wear as well as their Continue reading