Lessons from the Retail Graveyard

Why so many giants have fallen and what brands can learn from the failures of so many who have come before them.

1.      Oversized retail footprint

Retailers, for so many years, have taken spaces larger than they have needed, and with overextended lease terms without an appropriate exit clause. With newly designed small-format stores, retailers can take cues from the past, present and future and have a sharper focus on facility management.

2.      Lack of investment to grow e-commerce business

Ecommerce is growing at an exponential rate: almost 2 in 3 companies forecast ecommerce contributions of between 21 and 40%. In order to keep up, technology budgets need to be increased and ecommerce platforms should be upgraded to expand online offers.

3.      Limitations around programs to invest in experiential retail shopping

It’s been shown recently that shoppers are choosing experiences over stuff, so it’s important that retailers respond to meet the needs of their customers by creating a more immersive retail experiences in order to ensure they leave with not just products, but also memories.

4.      Defining the unique characteristics of retail and the value of brick mortar

The success of pop-up stores is demonstrating that real success is achieved and sustained by providing a consistent customer experience across all channels, both virtual and physical. The benefits of brick and mortar stores are the ability to have a hub for product knowledge and future training; direct and timely customer access to products; and improved customer interaction with a low ratio of customers to employees.

5.      Lack of marketing for current trends and promotions

Because marketing is a form of communication with the hope of selling consumers a product or service, it’s important that companies speak the language and understand current trends and promotions. From native ads and influencer channels to visual storytelling and rich content, push for a powerful marketing message.

About Moses Carrasco: As co-CEO and founder of CS Hudson, Moses Carrasco transitions between internal operational structure, client education, training and development to ensure excellence for clients and for the organization. He facilitates project execution through practical methodologies and by employing the best partners for successful, timely project completion.

Years of first-hand experience in retail service and construction provided a comprehensive background for Carrasco to co-found, with fellow CS Hudson co-founder and CEO Joseph Scaretta, Empire Facilities Management Group in 2003. Over the next decade, while building Empire up to be a top retail, restaurant and commercial facility and management company, Carrasco’s desire to better serve facilities nationwide turned into a multi-faceted industry-leading endeavor to provide innovative solutions, driven by customer satisfaction and brand experience. Hence, CS Hudson was born.

In addition to his entrepreneurial work, Carrasco is also deeply involved in humanitarian efforts. For nearly a decade, he has partnered with Plan International USA, a nonprofit organization that works in more than 50 developing countries to end the cycle of poverty. Additionally, he is a member of the National Alliance on Mental Illness (NAMI), a mental health organization dedicated to building betters lives for Americans affected by mental illness.

Highly regarded within the industry, as well as outside of it, Carrasco has been awarded a bevy of honors, including Most Valuable Partner, The Innovation & Partnership Gold Award, Quality and Delivery Silver Award, along with multiple Service Leader Awards.

Taylor Martin