Sears Chairman Eddie Lampert says that stores such as Walmart, Nordstrom and etc. is feeling the impact of disruptive changes.
After closing over 100 Sears locations in 2014, Sears chairman Eddie Lampert is speaking out about the retail industry. He says the retail industry is undergoing a period of tremendous change, and no company is immune.
“Walmart, Nordstrom, Macy’s, Staples, Whole Foods and many others have felt the impact of disruptive changes from online competition and new business models,” says Eddie.
Lampert also stated that the impact of “tectonic shifts” in consumer spending has spread more broadly in the last year to retailers “that had previously proven to be relatively immune to such shifts” in a letter to shareholders on Thursday.
Shopping online looks like it’ll take over completely as Walmart, one of the top selling retailers, is expected to close 269 of their stores. Stores such as Macy’s, Staples, Nordstrom and Whole Foods will also be closing a few of their stores in order to cut costs and invest more in e-commerce.
According to Lampert, “Companies like Amazon were able to grow rapidly without having to collect sales tax, while traditional retail companies had the dual disadvantages of having to report profits and to collect sales tax from their customers.”
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Technology is taking over in general. Retail might be the first to go under, but it won’t stop there. E-Commerce is truly the future.