Economy

All posts tagged Economy

Warm Memories of Bankrupting Company: Keith

Published March 1, 2021 by Nan Mykel

Another retail bankruptcy

– Retail malls were over built to the extent we have many thousands of unneeded malls just in this country. Rather than improve a mall, new ones were built, often cannibalizing on existing markets for the stores.
– Walmart had a significant impact on retail stores, leading the way for the other discount retailers to eat away at margins for others. When Walmart came to town, other retailers went away.
– Online ordering put brick and mortar stores on notice and many out of business. The ones who survived, blend online with in-store purchasing, better than others. Even Walmart was harmed by the online effort and had to react.So, the pandemic comes along and those store franchises that were teetering, fell down. There will likely be more bankruptcies in the future. All stores must now compete against cheaper and easier online sales. Those store franchises with better customer service models stand a better chance at survival, but all are at risk, unless they can embrace online sales along with in-person sales. Nevertheless, COVID has put a damper on in-person sales and will continue to do so.
When I think of Belk’s, I think of my grandmother who worked there for years in a small town in Georgia. She worked for a local retail company that sold themselves to Belk’s. She ran the children’s department, then later ran the men’s clothing department. Many of her customers truly grew up with her.Her favorite story was the day Mr. Belk came into the store. He toured the store and needed to borrow my grandmother’s pen, which he put in his pocket by mistake. My grandmother said, “Mr. Belk, that is my pen. My boss is to cheap to buy us pens, so if you want me to do my job, you need to give it back.” It should be noted her boss was standing right there.My grandmother was all about relationship sales. Her customers would come back after college and ask for her to outfit them in new suits, since they trusted her. And, that is why retail stores do have a market when done right. Relationships. Trust. Customer first. Yet, if they don’t get the technology end right, it will be for naught.

Keith Wilson:   Musingsofanoldfart.wordpress.com

 

Rosamond Press

A Newspaper for the Arts

Ned Hamson's Second Line View of the News

Second Look Behind the Headlines - News you can use...

Aging Capriciously

Divergent Thoughts on Life, Love and Death

Some View on the World

With previous posting of "Our World" on Blogger

Filosofa's Word

Cogito Ergo Sum

Trent's World (the Blog)

Random Ramblings and Reviews from Trent P. McDonald

Catxman's Cradle

Catxman dances, Catxman spins around, leaps ....... // I sing a song, a song of hope, a song of looove -- a song of burning roses. / Synthesizer notes. // (c) 2021-22

Mapping uncertainty

When nothing is certain anything is possible

Leadings: Judy Lumb

Africa 2012 / Britain 2014 / Peru / Standing Rock 2016

GABBY GRAYWHISKERS

kitchen talk

Salted Caramel

Blogging, Motivation, Lifestyle and much more.

kindfeelings

Be kind to yourself and others.

Walking the Rails

Basking in the Triumphs and Frustrations of a Disability

Yolanda och hennes kreativa skrik

Aspergers syndrom, bipolaritet, fotografi, konst, poesi.

earthweal

Poetry of a changing Earth. The grief is real--so is the hope.

BosssyBabe

I’m just a girl, standing in front of a bread shop, asking for it to open.

%d bloggers like this: