Why many retail stores shutdown?
Before the answer, what is retail stores? It is selling of goods or services in pieces. Example: Supermarket, restaurants, food kiosk on food types and Department stores, convenience store on non-food types.
Here in Philippines, retail industry is still booming and it will still booming in the future.
In other countries, many retail physical stores are close.
Compare here in Philippines and other countries why Philippines are still booming and others are not.
Philippines located in tropical latitude, many pinoys prefer to stroll inside mall and get cool of aircondition.
Pinoy loves shopping, foodtrip, buy material things that makes them happy. Traditional values family ties areis still intact in modern generation, OFW’s when they go home for vacation, they let their families, friends to dine out, or to buy clothes in boutique as a way of their happiness and let their hardwork pay off.
In other countries, people are so busy with their work. They are conscious in time.The only way to buy their stuff is through online.
Online business is in demand today because of the technology that gives speedy time finished that creates more profit on part of the owners. Many physical (traditional) retail business shutdown.
Owners who have traditional business pay: labor cost, utilities and water bills, rent expense. Unlike in online business, owners only pay their wifi connection and utilities. No rent expense, no labor costs.
In next years, technology is still demand and that’s why business owners are now converting from traditional to online retail business. Others operate both traditional business and online business.
At present: here in Philippines, there are still more traditional way than online business and others are now in both sides. More and more people are aware of this online business and they are now shift because of traffic.
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FB Account: Eileen momc Sorongon (Property specialist of Leuterio Realty/Filipino homes)
(It was emailed by me: http://retailupdate.com/a/lz/170124-why-us-retailers-have-to-close-stores) ⭐