Despite untimely obituaries written for brick and mortar stores, your everyday physical stores staved off extinction. Lately, they’ve also started to pick up some wins over online sellers, as they not only defend their business models but also strike back. As we kick off 2019, these brick and mortars appear to be finding new hope.
Brick and mortar stores have slowly managed to adapt as technology threatened to make them obsolete, and they’ve done this in time to take advantage of a strong market for sales. With this past holiday season seeing retailers pick up their best sales in years. Physical stores put themselves in a position to take advantage of these increased sales by creating new models and services, such as grocery pick-up offered by Wal-Mart and Target.
Additionally, physical stores have also begun to capitalize on the inherent advantage they have over online sellers: the ability to quickly satisfy consumers desire to get their goods immediately. While Amazon’s delivery speed continues to increase, it still can’t compete with brick and mortars who allow you to purchase a product online and immediately pick it up at the store. More physical outlets are recognizing this advantage and offering it as their way to combat pure online shopping.
Regardless of industry and delivery method, these developments emphasize the need for all businesses to adapt in order to flourish. The model that may have worked previously can quickly become outdated. Particularly in an era where technology can completely change industry landscapes. As such, it’s important for any business to stay on top of changes and trends in order to know when and how to adjust and thrive. Adding experienced business lawyers to your planning team can prevent legal missteps while adding the perspective and knowledge that comes from counseling many different companies over many business cycles.