Department Stores
From makeup to perfume to fashion to home supplies to everything in between, department stores used to be a one stop shop for anyone and anything. Sounds familiar? That’s because the internet literally offers the same variety, at cheaper prices and better convenience. Internet shopping has changed retail from toe to toe while stamping out other physical channels of retail. And department stores and malls are especially suffering.
It’s hard for a physical location to match prices with an on-line seller located oceans away. The best they can do? Open their own online activity with hope to win back former loyal customers. The interesting part? The more successful department stores become online, the more they actually hurt their own physical locations. How’s that for a vicious cycle?