3 Factors Hurting Retail
What is killing retail? Austan Goolsbee, a University of Chicago economics professor, shares three factors other than the Internet affecting retail including: big-box discount stores, a shrinking middle class, and shoppers preferring ‘services’ over tangible things.
I found this except interesting:
“In 1920, Americans spent more than half their income on food (38 percent) and clothing (17 percent) and almost all of that was through traditional retail stores
. Today, food eaten outside the home and in it accounts for
10 percent of spending and clothing just 2.4 percent.”
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