2009 Retail Industry Predictions: Not Just Stores Closings, Layoffs & Bankruptcy

After the Recession A Better Version of the Retail Industry Will Emerge

In 2009 large and small retailers will be hosting going out of business sales before closing their stores. This is predicted to happen as many as 200,000 times by some retail industry analysts. While the numbers are as difficult to predict as the economy itself, it is certain that there will be substantial retail casualties in 2009.

There are many retail chains that will be forced out of business in 2009 by their own debt structure and the global credit crunch. There are also many retail stores that will close storefronts in 2009 because a recessed economy demands a recessed retail industry. That’s just the way the economy ebbs and flows.

There will be some well-known retail companies that declare bankruptcy in 2009 because their concept is indistinct and their merchandise is redundant. It’s not enough to just show up any more. Retailers need a compelling offer in order to justify their existence.

At a boardroom level, many accountability discussions about financial mismanagement, forecasting failures, same store sales declines, merchandising missteps, and not so unique selling propositions will be had this year. In 2009, employees at all levels in the retail industry will need to learn and live the serenity prayer, as they accept the things they can’t change, change the things they can, and maintain disciplined focus in order to know which is which.