Modern retail is undergoing an extraordinary transformation, and some analysts have argued that the industry is in serious trouble. The investment firm UBS, for example, noted last year that retailers had closed more than 15,000 stores since 2017 and predicted 75,000 closures by 2026.
The primary reasons? Oversupply of physical retail space and the increasing popularity of online shopping, which today makes up 10 percent of all retail sales, according to the National Retail Federation (UBS expects online sales to reach 25 percent within six years). The industry was also roiled by several high-profile bankruptcies last year, including that of Toys R Us and Payless ShoeSource, leading some to talk of a “retail apocalypse.”
The reality is more complicated, say industry observers. It’s true that technology is playing an increasingly critical role in retailers’ fortunes. But the NRF, which kicks off NRF 2020 Vision: Retail’s Big Show on Jan. 11 in New York, rejects the “online versus in-store” narrative that much of the media presents, noting that of the top 50 online retailers, almost all operate physical stores, and that retail sales have grown nearly 4 percent annually since 2010.
Still, industry leaders will swarm the Jacob Javits Convention Center for the 2020 Big Show to discover the best strategies for transforming their industry from a brick-and-mortar business model to one that’s omnichannel, data-driven and customer-centric. BizTech will be on the ground covering the conference and the many ways in which retail technology is evolving.
Here’s what to expect: