There is no question that the retail industry is under-going a tremendous amount of change. Record numbers of store closings. Legacy brands going out of business--or teetering on the brink of bankruptcy. Venture capital funded start-ups wreaking havoc upon traditional distribution models and pricing structures. Discount-oriented retailers stealing share away from once mighty department stores. And, oh yeah, then there's Amazon.
In assessing what is driving retailers' shifting fortunes most observers point to a single factor: the rapid growth of e-commerce. But they'd be wrong.. . . more