By Deborah Weinswig, Managing Director, Fung Global Retail & Technology
Innovation, collaboration, and change are the keys to remaining relevant in today’s evolving retail landscape.
Times are changing, and retail is experiencing an outright revolution — not just an evolution. Traditional retailers are being forced to rethink everything just to remain relevant. There are three main aspects to the current retail revolution: traditional retailers are becoming less relevant, emerging players in different segments are increasing competition, and higher e-commerce penetration is challenging brick-and-mortar retailers. The old guard, particularly department store and specialty retailers, is going through severe changes, including store closures, bankruptcies, and management turnover.