Opinion: All the big businesses are dying and going bankrupt
Written for Daily Hive by entrepreneur, honor recipient of the Top 30 Under 30, and founder of the Retail Leaders Summit, Wilson Lee.
2017 is a great year. A great year for liquidators that is.
Bebe, a fashion chain store with more than 175 stores worldwide, is closing all the retail locations following a four year loss amounting to more than US $200 million dollars. Payless shoes is in the process of closing as many as 1000 stores. Even retailer giant, Target Canada, has closed all the doors to 133 stores.
Now you may think, why should we care? It’s the big guys that are dying, right?
But the big businesses are just the first few pieces of the domino effect. These anchor shops help lure shoppers to the benefit of the smaller retailers in the mall. Some of these anchor shops are so crucial to the malls that sometimes they pay very little rent. Once these anchor tenants bail on their leases, malls are left with a box that is very difficult to fill.
But on the other hand, Ecommerce behemoth, Amazon’s shares topped $1,000 USD per shares, valuing at double of Walmart stores, the biggest retailer in the world. In just seven years, shoppers have shifted from making one monthly purchase online to more than 6.5 purchases.
Like it or not, going online is the only way. Whether it be selling online or establishing the proper online presence, this is the only life raft.
When done right, your business can flourish. You could easily 10X your business and set a new standard for success. Imagine selling your product to hundreds of people while you are asleep. Imagine not having to pay that staff of yours studying at your shop. Imagine not having to pay for thousands of dollars in rent every month.
That’s the power of going online. You don’t need to only survive; you can thrive in today’s digital world.
This is what the Retail Leaders Summit all about. A summit discussing actionable strategy from different industry leaders: the CEO of YYoga, CEO of Chamber of Commerce, and an executive from Ikea will be sharing actionable steps so that you too can benefit from the ever-changing retail landscape.
If you don’t take action now, you won’t know what’s hit you before it’s too late. This is a summit you don’t want to miss. It doesn’t matter what type of business you have. It doesn’t matter if you are selling a $10 item or a $1000 item – this event could still benefit you.
Hear more from Wilson Lee when he takes to the stage at the Retail Leaders Summit later this month.
Retail Leaders Summit
When: June 27
Where: Sheraton Vancouver Airport Hotel – 7551 Westminster Highway, Richmond
Price: $97 general admission/$397 VIP experience/$1,397 platinum package – available through Eventbrite
#RLS2017
Daily Hive is a proud media sponsor of the Retail Leaders Summit
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