In 2019 alone, American retailers have announced the closure of 5,994 stores. This figure exceeds the total number of store closures last year (5,864), according to a recent study from Coresight Research. Bankruptcies have also plagued retail brands such as Payless, Gymboree and Charlotte Russe.
As the retail industry goes through a period of introspection with online shopping overriding transactions at brick-and-mortar stores, new fashion retail models that leverage technological solutions aimed at enhancing consumers' experience offline and online will emerge.
At Pixibo we like to call this "Store of the Future"- smaller but smarter, these stores will be the epitome of omni-channel retail experiences. Greater tech and AI adoption by retailers will make it such that these stores carry less inventory, while at the same time, drive greater experiences for customers.
One thing is for sure - the high street will continue to play an important role in the retail fashion industry. Check out how we can help retail brands keep up with the changing times through our Fit Omni solution here