Why Payless ShoeSource is going Bankrupt:


The retail industry is tricky especially with the rise of technology and its ability to make life a lot more convenient. This is why retail businesses like Payless ShoeSource is slowly but surely going bankrupt. Payless announced that they were planning on closing 5,994 stores, differing from the 5,854 stores that they had originally intended on closing. The competition that the technology industry has created is causing stores like ToysRUs to close down as well. According to this New York Times article, U.S Retail Stores’ Planned Closings Already Exceed 2018 TotalI, there are still many retail stores opening this year although not as many as the previous years.

The majority of these stores consist of dollar stores and other discount chains. What's interesting is the stores that are able to withstand the competition are those that offer a more unique and memorable experience allowing them to stand-out and continue to get business. To conclude, retail isn’t decreasing but rather changing and just like everything else, it is going to take some adjusting and getting used to.

Comments

  1. AnonymousApril 24, 2019 at 8:56 PM

    Onlie shopping is oftentimes cheaper and more convienient from the comfort of your own home. For retail stores to exist they need to provide services that online shopping does not. For example, if people need products urgently they would have to go to a store. I believe that this is where retail stores will find their niche in the future.

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