Welcome to the world of retail where companies are struggling to stay alive in the pandemic. Bed Bath & Beyond was one of the lucky few who benefited from consumers going wild with their stimulus money, but it turns out that wasn’t enough to cover their financial weaknesses. As people start to save more and spend less on non-essentials, it’s becoming crucial for retailers to adapt or face the consequences of their stagnation.
Enter Michael Lasser, a retail analyst at UBS who’s been following Bed Bath & Beyond for 16 years. He predicts that the Darwinism of retail is about to take effect, and we’ll witness it in action come 2023. And no, we’re not talking about the evolution of man, we mean the survival of the fittest retailers. Who will make it through and who will be left behind? We can’t wait to find out!
If you thought the past few years in retail were rough, strap in for a wild ride. Remember when J.C. Penney, Neiman Marcus and J. Crew all filed for bankruptcy in 2020? Yeah, those were the good old days. Now, with people being more mindful of their spending, many retailers will be at risk of following suit. It’s like The Hunger Games, but instead of fighting to the death, they’re fighting to stay open and pay their employees.
But let’s not get too gloomy here. It’s not all doom and gloom in the retail world. Some companies have managed to thrive in these trying times, like Amazon (duh), Walmart, Target, and Costco. We guess the secret to success is selling everything from toilet paper to hot tubs and hiring inflatable dancing tube men to attract customers.
So, what’s the lesson here? Adapt or die, folks. Even if you’re not in the retail business, this is solid advice. We’ve all had to make changes in our lives due to the pandemic, and it’s no different for retailers. Whether it’s offering curbside pickup, investing in online shopping, or selling hand sanitizers instead of scented candles, it’s time to get creative. Otherwise, you’ll end up like Blockbuster (RIP) and only exist in our memories.
Serious News: nytimes
