Welcome to Conversational Commerce, the podcast where we break down the biggest retail news and trends with executives, thought leaders and the Retail Dive team. Check out more episodes here and follow us on iTunes or Stitcher.
Is this the year of the retail apocalypse?
A quick scan of headlines in the news makes it seem as if the very act of buying and selling is disappearing into thin air. Yet the retail industry, which made $22 trillion in 2016, is anticipated to reach a whopping $27 trillion in global sales by 2020, according to eMarketer.
So what gives?
Retail isn’t dying, but it is undergoing a massive transformation. And spoiler alert — not everyone is going to make it in the new era of retailing. Many retailers are restructuring, announcing store closures and going bankrupt. Nearly 20 major retailers have filed for bankruptcy so far this year by our count, including major brands ranging from Toys R Us and BCBG Max Azria to Gymboree and Radioshack (for a second time).
As retailers turn to Chapter 11 bankruptcy protection in record numbers, we wondered: Why are there so many bankruptcies occurring right now?
The answer isn't simple. Retailers file for bankruptcy for a number of reasons and it's not necessarily a death sentence, but there are many common threads. In the first episode of our new podcast Conversational Commerce, Retail Dive Editor Corinne Ruff and Reporter Ben Unglesbee talk about what's leading so many distressed retailers to go into bankruptcy.
So sit back, relax and listen. You can stream the episode below or subscribe to Conversational Commerce on iTunes.