We live in Central Kentucky and for that matter way out in the ‘sticks’. Nearly all of our discretionary shopping is done on-line. One of the biggest changes we’ve noticed over the years is that our impulse buying has nearly stopped. It’s only when we do our bi-weekly grocery shopping that we purchase items that we really don’t ‘need’ but decided to buy anyway.
If our particular shopping habits are becoming more common then it is no wonder so many stores are closing down. No demand means no money coming in equals going out of business. It’s as simple as that.
The real question here is: What is the future for retail business in the long and short-terms? My own guess is that we will see more on-demand manufacturing for products as they are needed.
My own latest personal example was I needed a new desk. My old one was a mass production piece that was made of inferior materials and covered in veneers and ‘paper’. My new one although being smaller that the old one is a sturdy hand-made piece made out of walnut by a local craftsman. I paid a nice sum for it and I can say it will last a long-time and probably be handed down to one of my grand-children later in this century.
“One of the biggest changes we’ve noticed over the years is that our impulse buying has nearly stopped.”
That is more related to a decline in discretionary funds (at least in my case, and many people I know). Retail is in trouble because the consumers are in trouble.
Online shopping is killing brick & mortar stores because as people run out of money, they can get great deals not just for new merchandise but also secondhand (on Craigslist, for example - an online flea market). My wife has scored great deals both buying and selling there, and the “legitimate” economy plays no role in it at all.
that is right. Those Office Max desks are a piece of crap. Buy from the used furniture stores and get a real desk.
I have discovered that many of the youth today don’t give a hoot about “antiques” or hand me downs from family. They consider them “old and dirty”