Coresight Research estimates that between 20,000 to 25,000 major retailers’ stores will shut their doors this year. It forecasts 2% of U.S. stores will close every year through 2025, reducing the number of retail stores from 883,000 last year to 782,000 in 2025. Stephens contends that when a company agrees on the true value of a store’s media value per customer, executives will have a much more accurate picture of each location’s contribution to the company as a whole. Retailers need to move to a new set of performance metrics in order to understand the true value of the store,” he continues. They must embrace the transformation of the store from a place to buy to a place to experience and measure the real value of customer experiences just like they measure the value of sales at the store level.

Source: Forbes August 10, 2020 13:30 UTC