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History is littered with tales of fallen retailers. With new technological innovations and an increasingly competitive retail landscape in the United States, many businesses have been unable keep up.
Once the largest retailer in the United States, Sears filed for bankruptcy in 2018 with over 400 stores nationally employing more than 70,000 people. Today, the fate of the iconic retailer is still in limbo as management struggle to keep the remaining stores open and the Sears brand alive.How could this happen to such a giant of American retail? Well, that depends on who you ask.While some were quick to blame the company's demise on Amazon, the truth is a little murkier.
In the four years from 2014, profits at Sears had dropped by over half, likely due to the increasingly competitive landscape and changing consumer tastes. In an attempt to stem these losses and generate cash flow, the company began selling stores and other assets en masse.
According to analysts, the situation was exacerbated by Sears management's inability to maintain a solid product offering and invest in their stores; in some cases leaving shelves bare.While Sears was able to survive two world wars and the great depression, it’s unclear whether they will survive the digital age.
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The WorkFlow podcast is hosted by Steve Glaveski with a mission to help you unlock your potential to do more great work in far less time, whether you're working as part of a team or flying solo, and to set you up for a richer life.
To help you avoid stepping into these all too common pitfalls, we’ve reflected on our five years as an organization working on corporate innovation programs across the globe, and have prepared 100 DOs and DON’Ts.
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