The Swiss investment bank UBS recently predicted that 40,000 retail stores will go out of business in just the next four years, based on an average 10,000 such closings since 2023.
The percentage of retail markets captured by big companies like Amazon is expected to increase from the current 22% to about 27% by 2030.
"There are a lot of things that can be replaced by e-commerce, but I think in many ways the 'Mom and Pop stores' that are still out there have the advantages of building relationships with people, building the kind of trust and bond with people that many big box stores might never have, so that could be the secret weapon in the future," Scott Bardell, CEO of Idea Grove in Lewisville, TX, says.
But the retail markets are changing quickly, he says.
Marketing expert and Yellin Group President Sherry Yellin agrees, offering a new call to action for smaller retailers and, really, most people today.
She says one of the most important aspects of business today is adaptability to fast-evolving markets.
"Change is happening at record speed, and we are going to have to be adaptable."
But that's true for many if not most businesses today, she says, "adaptability is THE skill, and it's not just about learning it's about unlearning."
There are concepts considered to be true today that in fast-changing markets may not necessarily be true tomorrow, and in the face of such fast-paced change, Ms. Yellin advises people to identify and hold onto their core strengths -- such as bringing good service and a personal relationship to small businesses that can't hope to compete with corporations for efficiency or lower prices.
"Just being able to stay curious about what we believe to be true, about our services and experiences, those kinds of things that help make up adaptable and stay that way.
"These changes are coming," she says, whether we like it or not, with vastly increasing improvements in technology and their applications to everyday human life.
"The only question is going to be whether or not we are ready for that."