'Walmart destroyed retail'
"'Walmart destroyed retail," retail consultant Jan Kniffen said on Monday on CNBC. "They wrecked every other form of retailing because it was a race to the lowest price, and they were the lowest price.'"
Destroyed retail for whom? Not the consumer, only for the retailers. And really, could you give a flying f@#$ about the retailers? I could not. The entire point of the market is the consumption of goods.
Fortunately, Jan snapped to: "The root of the problem, according to Kniffen, is that there are simply too many physical retail stores in the US. Kniffen isn't alone. Last week, Macy's CFO, Karen Hoguet, said in an earnings call that "this country is over-stored, given evolving customer shopping habits.'"
This is true. And it is one of the key reasons we are having difficulty with our productivity measurements today. We have too many stores, and too many employees in those unnecessary stores selling nothing to no one. Retail needs a serious come to Jesus on this. Instead they are likely to try and force the issue, by keeping stores open when they should be shuttered, losing money, and dragging the entire chain into bankruptcy.
It is a buyers world out there, and outside of government nothing will change it.