The retail industry has publicly endured relentless disruption that’s only accelerating. From the retail apocalypse to the current COVID-19 pandemic, it’s almost impossible not to feel sorry for so many struggling brands.
In 2020 alone, we’ve seen bankruptcies from leading retailers such as Sur La Table, Ascena Retail Group, Brooks Brothers, Neiman Marcus, among many others. Lord & Taylor, the first department store established in the U.S. is closing all of its stores after 194 years in business.
The retail experience we once knew is withering away faster than ever. Some will stubbornly ride it out. But innovators are already reimagining retail’s next chapter of digital, physical, and immersive shopping experiences. The future of retail is not what it used to be.