Without a doubt, technology is having a significant impact on consumer spending habits. The traditional “bricks & mortar” shopping mode is rapidly changing and declining. More and more consumers are browsing the internet for their shopping needs, comparisons and ultimately final purchases.
It wasn’t too long ago, that Circuit City shuttered its stores leaving in its wake; (a) empty big-box retail sites that were relatively slow to be absorbed in this economic slowdown and (b) Best Buy as the remaining primary national electronics retail operation. Now Best Buy has announced their intention to close 50 stores. Best Buy lost $1.7 BILLION(!!!) in the 4th Quarter of 2011.
Sears Holdings Corporation has announced the closing of 60+ stores by the middle of this year.
Borders Book Stores, Circuit City, Blockbuster Video stores etc. are now footnotes (among others) in retailing history. This process is sure to continue with the major traditional retailers adapting new marketing and sales strategies in order to compete in the changing retail environment.The attached article illustrates other issues technology is having on consumer spending habits.
Larry Dietz, CCIM
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Larry Dietz, an associate broker with Saurage Rotenberg Commercial Real Estate, has over 30 years of Sales, Marketing and Public Relations experience. He is a Designee member of the Certified Commercial Investment Member Institute (CCIM) and CCIM Louisiana Chapter; a member of the Commercial Investment Division of the Greater Baton Rouge Board of REALTORS® (CID); as well as an affiliate member of the National Association of REALTORS® (NAR). He is a licensed real estate broker in Louisiana and Mississippi.
Saurage Rotenberg Commercial Real Estate is a member of the Baton Rouge Area Chamber of Commerce (BRAC); the West Baton Rouge Chamber of Commerce; the Baton Rouge Growth Coalition; the Baton Rouge Better Business Bureau; the Louisiana Commercial Data Base (LACDB); and the International Council of Shopping Centers (ICSC). Several agents, on an individual basis, are members of the Society of Industrial and Office Realtors® (SIOR), the Certified Commercial Investment Member Institute (CCIM); the National Association of REALTORS® (NAR); and the Greater Baton Rouge Association of REALTORS® Commercial Investment Division (CID).