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The retail apocalypse has been cancelled

Michael LeBlanc, Retail Council of Canada, addressed Pac To The Future in Montreal, Canada and warned the audience not to believe everything they hear in the media.

The Retail Apocalypse Has Been Cancelled
The Retail Apocalypse Has Been Cancelled

While a search of “retail apocalypse” might generate 8.9 million results on google, it is a myth, according to LeBlanc. Target has had the best sales results in ten years. In 2018 retail is expected to chart 4.5% growth here in the U.S. and 2% in Canada.

And there have been more store openings than closings, with over 3,000 new store openings in 2018. In fact, according to LeBlanc, the media focuses on Sears and a few others that have been losing ground (16 retailers account for more than 66% of the closings).

What is happening is retail is being transformed to deliver more of an entertainment experience, with adult gaming, high-end restaurants and spas. Click and collect models drive consumers to the brick and mortar store to pick up their e-commerce orders.

There are challenges, for sure. Traffic counts continue to decline as consumers shift their buying behavior to omnichannel. It is hard to drive incremental visitors to the store, but retailers like Wal-Mart have been driving more traffic with the addition of groceries, for instance.

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