The privately-held Grand Rapids-based sporting goods chain plans liquidation sales at all 68 of its stores in seven states, including three in Southeast Michigan.
I really can’t write anything here that isn’t in the Source link. I said that very soon we could see other privately owned companies going this way. If you don’t get what’s happening, I discussed this in a video a while back. It’s more relevant than ever because it’s happening to my business as well. Here is the video if you have time. If you don’t have time, turn it on and listen to it while you drive. This is not just a brick and mortar issue, it’s happening to e-commerce sports sites as well.
The consumer is looking for experiences, not just product. Simply providing a service will not move a company forward any longer. Companies will have to become media companies. I’ve been moderately successful at pivoting, but my cashflow and capital are very limited. A company that currently has the funds and is able to begin implementing a strategy can survive, but it will take consulting and time to learn a completely new way of doing business.
The video below was recorded over a year ago, but it touches on the issue. I need to discuss in detail how e-commerce is going to face the same issues because companies aren’t looking at integration. It’s more complex than I discuss in this video, but this is a start.