\r\n
\r\nMeanwhile, retailers will continue to innovate and invest in tech solutions in order to keep up with this uptick in customer demands. Immersive experiences, more sustainable practices, and gathering real-time consumer data all look set to transform the industry as we head further into 2023.
While these latest spending figures show many bright spots – and even point to a light at the end of the tunnel for inflation-weary shoppers – retailers are still grappling with ongoing volatility and economic uncertainty. Amazon recently pumped the brakes on its brick-and-mortar expansion, announcing plans to close Amazon Fresh and Amazon Go physical stores and pause new Fresh openings.
\r\n\r\nOne of Amazon’s main competitors, Walmart, has also made recent headlines with their planned closures of several stores across multiple states due to poor sales. According to sister publication, Retail Leader, these closures are to take place in Albuquerque, NM; Homewood, IL; Plainfield, IL; Milwaukee, WI; and Pinellas Park, FL on Mar. 10. The mega-retailer also plans to shutter their Chicago-area pick-up-only concept stores in Lincolnwood and Bentonville, IL, on Feb. 17.
\r\n\r\nMeanwhile, troubled home goods retailer Bed Bath & Beyond continues its fight to remain afloat, recently announcing the closure of 150 stores, bringing their total number of stores closed over the last year to 400.
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