It is safe to say that the millennial demographic is probably the hottest market segment today. Accounting for about 80 million consumers, millennials have a spending power of $1.4 trillion a year, representing 30% of U.S. retail sales. Here is a deep dive look at how you should market to your millennial shopper.
JCPenney recently announced it will be closing 140 U.S. stores. The news follows American Apparel declaring bankruptcy, WetSeal going out of business, The Limited shutting down… This growing list of closures has led to a slew of “The Death of Retail” headlines and social media posts. You have to actually wonder is it the death of retail? Is it a shift to big-box one-stops vs. boutique specialty stores? Is it just a phase? Are we all contributing to a rubbernecking traffic jam for nothing more than a fender-bender?