Question

A recent article from NJ.com discusses the many retailers that are closing their doors as a result of changing trends and economic conditions, as well as the impact of the pandemic.

1. What do you think these retailers could have done to better prepare and survive?

2. Select 2 of the retailers that still have opened stores, and discuss whether or not you think they will still be around in the coming few years. Be sure to explain your reasons.

Answer 1

Ans.

1. The retailers who are on the verge of closing the doors of their business shall cope up with the changing trends and adapt themselves to those trends , the best they could do to survive in such situation is start practising online ways of selling the goods so that the business keeps on going because now days people prefer ecommerce to traditional way of shopping and a retailer adopt online delivery and means of selling , he would definitely be preferred.

2. The two retailers are

A. Netflix : It is very likely to succeed in coming time because now days people prefer sitting in home and enjoy the comfort of home which Netflix provides them.

B. Best price : It is likely to succeed because they provide offline as well as online way of selling and satisfying customers which people prefer now days.