Retail Stores Struggling to Stay Open, Must Adapt

The landscape is changing rapidly for America's retail stores. Some major brands are barely hanging on and others have already declared bankruptcy.

Texas Retailers Association President / CEO George Kelemen says stores have to adapt to a new generation of customers.

“Retailers are realizing, look, we need to really heighten our game on all of this, to build that customer loyalty, to build that connection with the customer,” he says, “so we can keep getting them to shop with us one way or the other.”

Economists say more than one billion square feet of retail space could be closed over the next few years. Shopping malls are already struggling to fill vacancies.

Kelemen says successful operations will keep up with changing times.

“(It’s) Generational shifting of customers preferences and it's up to the retailers to accommodate or adapt,” he says.

Teen-apparel retailer Rue 21 is expected to file bankruptcy by the end of this month.

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