Marketing in the News

The main content of this article is that Barneys, a luxury department store chain, has declared bankruptcy due to the decline of the retail industry and high rents. Rising rents in prime locations have put many retail stores at risk, and with the advent of the online world, online shopping has become a trend. The flow of people to physical stores is gradually decreasing, and people are enjoying online shopping. The company's new plan is to close stores in Chicago, Las Vegas and Seattle, and the remaining stores will undergo restructuring plans. This plan can reduce their losses. As online shopping continues to evolve, many retailers are facing the same problem. The challenge these retailers need to overcome is to increase foot traffic. They need to attract more customers with innovative and unique store designs. People like new things, and the company should regularly change store designs to attract customers. If I were a brand manager, I would design each store differently. This makes every customer want to go to different stores to buy goods. I think increasing traffic is the best change for retailers. In this article I learned that online shopping is gradually replacing retailers. More and more people like to shop online.

Reference: Grothaus, M. (2019, August 6). Iconic department store chain Barneys is filing for bankruptcy and closing most stores. Retrieved from: https://www.fastcompany.com/90386342/iconic-department-store-chain-barneys-is-filing-for-bankruptcy-and-closing-most-stores?partner=rss&utm_source=rss&utm_medium=feed&utm_campaign=rss+fastcompany&utm_content=rss?cid