As many as 11,000 people in Britain are set to lose their jobs after administrators failed to find a buyer for troubled retailer BHS. Administrator Duff & Phelps say last ditch rescue bids failed to raise enough working capital to secure a deal and that BHS' 163 shops will close and be sold off to other retailers. Duff & Phelps says 8,000 permanent employees are likely to lose their jobs, together with 3,000 others not directly employed by BHS. Philip Duffy, managing director of Duff & Phelps, says that these are turbulent times for retailers and that "BHS has fallen as another victim of the seismic shifts we are seeing." BHS went into administration in April, leaving behind a 571 million pound ( 825 million) pension black hole.
No. 1: Retailers Must Be Digital and Corporeal The concept of omnichannel is simple--be where your customers are, whether that's online or at a brick-and-mortar location. But bridging the gap between digital and physical is easier said than done. Retailers that figure it out will be rewarded, however. A September 2018 poll conducted by Roth Capital Partners found that nearly two-thirds of US millennials used some mix of digital and in-store to research and then make a purchase. Similarly, research from Alliance Data revealed that more than half of millennials surveyed also used a mix of online and in-store channels to shop for products across a wide variety of categories, including clothing, beauty items and even furniture.
The wholesale industry is a trillion-dollar market currently divided between 1.2 million retailers. The world is moving from a big box environment to a personalized, curated space where retailers are becoming storytellers and tastemakers rather than providers of plenty. This means that independent retailers need efficient ways of sorting through the clutter and getting the right products to their shelves. It also means that those independent retailers need to find ways of competing with the larger players.