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They’ve been shaped/scarred by not one but two global economic traumas — the Great Recession of 2008-2009 and the COVID pandemic — and they’ve grown up with social media playing an increasingly large (and loud) role in shaping culture, including how these consumers shop, research and purchase products and services.
There, she honed the skills in merchandising, sales and storeoperations that would become essential to her future success as an entrepreneur. billion from an original down payment of $75,000 in savings.” “In To reflect its broadened merchandise assortment, the off-price retailer changed its name to Burlington Stores in 2009.)
That sense of unease is to be expected from a cohort shaped by both the 2008-2009 Great Recession and the COVID pandemic, and it’s had a big impact on their shopping choices: nearly half ( 48% ) say they shop the most often at discount/off-price retailers, and 25% frequently patronize dollar stores.
Recessions have a tendency to widen the chasm between those retailers who are effective operators with inbuilt resilience, and those who can get by in good times, but struggle when the going gets tough. How can retail technology help retail stores to prepare for recession? Retail Technology: Efficient in-storeoperations.
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