Storefronts and stalls have been around since biblical times, and even now, one just has to walk around London to see stores that are hundreds of years old. Take Fortnum and Mason, for example, founded in 1707 and still trading in the same building. Retail has not fundamentally changed much over the millennia.
However, since the internet revolution of the mid ’90s and the introduction of e-commerce stores such as Amazon and eBay, the retail industry has undergone its biggest overhaul yet. Gone is the physical world of try before you buy and it is the virtual world of buy, deliver and then send it back if you don’t like it.
Amazon has recently posted an impressive annual revenue of $232.9 billion. Likewise, the average growth of sales of E-commerce was 24.5% annually since 2014.
According to the analysis of 500 high streets by accountancy specialist PwC and the Local Data Company, 2,692 stores were shut between January and June. Just 1,569 started up – a record low, the report said, because of plunging confidence. Retailers are focusing more and more on online shopping.
Gone are the days where buses, trains and cars ship avid shoppers to the highstreets and out of town shopping ...
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