Target to cut prices, update stores amid ‘seismic shift’ in retail industry

Target to cut prices, update stores amid ‘seismic shift’ in retail industry

As sales have continued to drop into 2017, many well-known retailers are having to alter their basic business models to cope with the changing landscape. Customers are increasingly shopping online and making fewer trips for in-store purchasing, forcing business leaders to ramp up their online capabilities to compete. Target is not the only one hurting from these changes. In fact, Nordstrom, Macy’s and Kohl’s have all been struggling as of late, and J.C. Penney announced last week their plans to close 130 to 140 stores. It is clear that retail stores are falling behind as consumers are shopping in different ways every quarter.

 

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