Yes, if retailers do their homework, say Clemens Renker and Falk Maiwald in their latest article, “Competitive Strategies for Brick-and-Mortar Retailers in the Face of Online Competition,” included in the anthology *Digitalization in Sales*, to be published in December 2015 (Binckebanck/Elste, Springer-Gabler-Verlag), which is scheduled for release in December 2015.
The industry, cities, and numerous conferences have been grappling with the future of retail very intensively for years. However, digitization is now spinning the “Wheel of Retailing” at a rapid pace that threatens the very existence of many stores. To get customers back into their stores, retailers must first perform their fundamental tasks—specifically their “filtering function” vis-à-vis consumers—in a way that is perceptibly satisfactory. However, what is sufficient for successful survival in this new competitive landscape is improving customer interaction skills through learning and staff development, as well as adapting strategies—even transforming into a new business model. The integration of new digital media is a conditio sine qua non in this process. Then both customers and employees stand to gain. The appeal of many downtown areas will also increase once again.
As P. Ovidius Naso wrote in his “Metamorphoses” shortly after the birth of Christ: For nothing retains its former appearance. The creative nature and “creative destruction” (Schumpeter) of the markets generate one form from another. Believe me, nothing in the whole world is coming to an end.
Contact
Faculty of Business Administration and Engineering Management
Prof. Dr. Clemens Renker
Marketing, Retail, and Banking
Email: c.renker(at)hszg.de
Faculty of Managerial and Cultural Studies
Dr. Falk Maiwald, Director of ZKI
Email: f.maiwald(at)hszg.de