Abstract
This study focuses on the recent fall of many large scale department stores (Macy’s, J. C. Penney Company, Sear’s, Kmart) and other retail, pharmacy and grocery stores (Bebe, Whole Foods, CVS, Chico’s, Limited, Radio Shack, Game Stop) across the United States. The researchers set out to discover why stores that have existed for years suddenly had to shut down physical locations. The researchers hypothesized that these retail outlets have failed to properly attract millennial consumers. Marketers are endlessly attempting to find solutions on how to best attract millennials in this digital age. What appears to be evident, though, is that the habits of this demographic prefer the ease provided by online shopping. Secondary sources were reviewed to determine exactly why the stores have fallen. The millennial culture was a key component of the study. The results suggest that the stores failed due to improper targeting and in-store attraction.References
Eastman, J.K., Iyer, R. and S.P. Thomas. 2013. “The impact of status consumption on shopping styles: an exploratory look at the millennial generation”. Marketing Management Journal 23(1). 57-73.
Eastman, J. K. and J. Liu. 2012. “The impact of generational cohort on status consumption: an exploratory look at generational cohort and demographics on status consumption”. Journal of Consumer Marketing 29(2). 93-102.
Jackson, V., Stoel, L. and A. Brantley. 2011. “Mall attributes and shopping value: differences by gender and generational cohort”. Journal of Retailing and Consumer Services 18(1). 1-9.
Norum, P.S. 2003. “Examination of generational differences in household apparel expenditures”. Family and Consumer Sciences Research Journal 32(1). 52-75.
Spivak, J. 2018. “Retail realities”. Planning 84(7). 14-21.
Internet Sources:
BigCommerce. (n.d.). Online shopping preference in the United States as of 2017, by age group. In Statista – The Statistics Portal. Retrieved from https://lynn-lang.student.lynn.edu:2093/statistics/242512/online-retail-visitors-in-the-us-by-age-group/
Dimock, M. (2018, March 01). Defining generations: Where Millennials end and post-Millennials begin. Retrieved August 31, 2018, from http://www.pewresearch.org/fact-tank/2018/03/01/defining-generations-where-millennials-end-andpost-millennials-begin/
eMarketer. (n.d.). Amazon marketplace sales in the United States from 2016 to 2019 (in billion U.S. dollars). In Statista – The Statistics Portal. Retrieved from https://lynn-ang.student.lynn.edu:2093/statistics/882919/amazon-marketplace-sales-usa/
Kestenbaum, R. (2017, April 17). Why so many stores are closing now. Forbes. Retrieved from https://www.forbes.com/sites/richardkestenbaum/2017/04/07/why-so-many-stores-are-closing-now/#9a97b3d41593
Peterson, H. (2018, April 7). More than 3,800 stores will close in 2018 – here’s the full list. Business Insider Retrieved from https://www.businessinsider.com/stores-closing-in-2018-2017-12
PLMA. (n.d.). What matters most to Millennials when choosing where to shop?. In Statista – The Statistics Portal. Retrieved from https://lynn-lang.student.lynn.edu:2093/statistics/317798/us-millennials--most-important-aspects-when-choosing-where-to-shop/
PWC. (February 2016). Millennials: Thinking of your favorite retailer, why do you shop here?. In Statista – The Statistics Portal. Retrieved from https://lynn-lang.student.lynn.edu:2093/statistics/631097/reasons-why-us-millennials-shop-at-their-favorite-retailers
RedPrairie. (2012). The Millennial Report. Retrieved from https://risnews.com/secure-file/13463
Thomas, L. (2018, Jan. 3). Amazon grabbed 4 percent of all US retail sales in 2017, new study says. CNBC. Retrieved from https://www.cnbc.com/2018/01/03/amazon-grabbed-4-percent-of-all-us-retailsales-in-2017-new-study.html
U.S. Census Bureau. (May 16, 2017). Quarterly retail e-commerce sales 1st quarter 2017. Retrieved from https://www.census.gov/retail/mrts/www/data/pdf/ec_current.pdf
US Census Bureau. (n.d.). Population distribution in the United States in 2017, by generation . In Statista – The Statistics Portal. Retrieved from https://lynn-lang.student.lynn.edu:2093/statistics/296974/us-population-share-by-generation/
U.S. Chamber of Commerce Foundation (2017, March 15). The Millennial Generation Research Review. Retrieved from https://www.uschamberfoundation.org/reports/millennial-generation-researchreview