DENISE LEE YOHN
Big-Box Retailers Have Two Options If They Want To Survive
Now more than ever, business leaders are looking for fresh ideas,new understanding, and actionable insights to jumpstart their business. Denise Lee Yohn inspires, informs, and instructs them with a completely different way of thinking about their business. In this article written for the Harvard Business Review, Denise discusses the future of big box retailers:
Big box retail stores are losing relevance, while e-commerce and specialty stores grow in appeal. People no longer want — or need — to shop as anonymous customers in large stores with shelves stocked high in aisle after aisle. As a result, big box retail must shift its strategy — from competing on access and selection to staging big experiences and providing big discounts.
The shrinking demand for big box retail can be seen in the numerous store and company closures across several categories over the last decade. Linens ‘n Things went bankrupt, as did Circuit City, Sports Authority, and Borders. Office Depot/Office Max announced it would close 400 stores this year and attempted a merger with Staples. Barnes & Noble has struggled to stabilize, and former darlings of their categories including Kohl’s and Old Navy are posting negative comparable store sales.