The re-engineering of the retail sector is underway. To remaincompetitive, stores and their real estate landlords are required toadapt. Without doing so, these businesses risk losing relevance andwill likely shut down in the long-term.
Retail sales plummeted in April, which was the first month allnonessential retailers closed down because of the coronavirus.Despite this, and far before the coronavirus pandemic andstay-at-home orders, the process of re-engineering malls and theirtenants had already been underway.
To compete, physical retail stores must continue evolving frombeing a stock room that displayed products to places focusing ondelivering a unique customer experience promoting client loyalty,product knowledge, and generating recurring business.
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Michael A. Mora
Michael was born and raised in South Florida. He went to undergrad at Florida Atlantic University and earned his master's degree from the Columbia University Graduate School of Journalism. He is the crypto litigation reporter for Law.com, as well as an editor for ALM Global. You can email him at [email protected].
