2017 has been detrimental for brick-and-mortar stores. It’s not just beloved restaurants taking the fall; it’s retail stores, as well. Many are quick to blame online shopping for the death of retail, but it can’t shoulder all blame for the rapidly expanding list of struggling retailers nationwide. The truth is stores everywhere are failing to attract customers.
Will future generations ever know what it’s like to shop in a real store with actual walls and cash registers? If the number of retailers threatening closure due to shrinking profits is any indication, the answer is no. Here are 15 retailers that are failing miserably in their attempts to attract customers.
1. Under Armour
Under Armour was once a sportswear heavyweight, but its recent profit margins are less than stellar. The brand has closed more than 50 stores because of dramatically slowing sales. It’s predicting dismal growth of only 9% to 11% for 2017, which is hardly comparable to the success it enjoyed in prior years.
Combine that with the resurgence of other big competitor brands, such as Puma and Adidas, and Under Armour is struggling to compete for consumer preference. Puma’s recent partnerships with younger influencers, including Rihanna and The Weeknd, are also a driving force in Under Armour’s struggle to retain customers.
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