Several Retail Giants Have Already Closed their Doors, and Others May Do the Same Before the End of 2017
LOS ANGELES, CA / ACCESSWIRE / August 17, 2017 /In a world where many brick and mortar stores are struggling and some well-known retailers may actually shut their doors, the sales at online stores are getting stronger.
As an article in Retail Dive notes, companies like Sears, Neiman Marcus and J. Crew are contending with a drop in sales, which has led to the closing of many of the retail giants' locations. In addition, stores like rue21, Payless and Gymboree have all entered bankruptcy proceedings, and Macy's recently announced that they would be shutting down over 60 stores.
The ultimate fates of these struggling companies could vary widely, the Retail Dive article noted. In some cases, the retailers may restructure, sell off their assets, go on the auction block, or liquidate completely.
One retailer, Lily Boutique, has managed to keep prices competitive and stay afloat by having an online store only. All orders are done through the user-friendly website www.lilyboutique.com, and there are currently no plans to open a brick and mortar store.
As Julie Kotter, owner of Lily Boutique, noted, after looking into possibly transforming her online store into a physical location, the numbers simply didn't add up.
"When we looked at opening a physical location, the overhead costs of retail space would have caused us to have to increase our prices significantly," Kotter said, adding that her boutique, which is based in Illinois, ships to customers around the globe.
"By having our store online and keeping our costs low, we can pass those savings onto the customer. For example, our average prices on the website are right around $35 for dresses."
While Kotter has done plenty of shopping over the years in brick and mortar stores, she recognizes that many consumers are changing their habits. Instead of spending hours trekking around a crowded mall looking for new outfits, shoppers are preferring to shop from the comfort of home.
Kotter is also using the power of social media to reach an even wider range of customers. Posting on popular sites like Pinterest, Facebook and Instagram allows her to share photos of her beautiful and budget-friendly clothing, as well as interact with her valued customers.
About Lily Boutique:
Lily Boutique is a fashion-forward online boutique that specializes in affordable dresses, tops, shoes, and accessories. They offer free shipping on all orders over $75. For more information, please visit https://www.lilyboutique.com/.
SOURCE: Lily Boutique
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