Millennials, rejoice!
Toys R Us is back and better than ever. The toy giant filed for bankruptcy in 2017, leading many nostalgic adults to mourn the loss of their favorite childhood toy store. Toys R US is not only opening a new 20,000 square foot location in New Jersey’s Dream Mall, which will feature a two-story slide and glacier, they are also partnering with Macy’s to bring products to 400 stores across the United States, while maintaining their presence overseas and online.
This store will be the first Toys R Us owned by WHP Global, which bought a majority stake this year, but also the only store in the United States. Between big box retailers and one-click ordering with virtually instantaneous shipping, many physical retailers just can’t compete. If that weren’t tough enough, many businesses are faced with ever-changing consumer demands, a lagging economy and a global pandemic, which makes maintaining even the most physical stores and businesses. big, incredibly difficult.
Due to the coronavirus pandemic, many companies, including JC Penney, J. Crew and Neiman Marcus, suffered the same fate and had to file for bankruptcy. However, bankruptcy is rarely the end for many businesses. For businesses, bankruptcy can mean a lot of things from reorganization to liquidation, and in some cases other businesses have the option of buying those businesses, which means consumers can see their favorite businesses return. Other businesses are choosing to completely eliminate their physical stores and come back only online.
Many stores and businesses are changing their offerings, creating limited edition deals, and going to great lengths to stay in the hopes of competing and staying relevant. For example, PetSmart is targeting pet parents this holiday season with matching and customizable pet and human sweaters, and holiday pet portraits. In keeping with the craze for “ugly” holiday sweaters, Microsoft created and sold an “ugly” mine clearance sweater. Proactiv, which is a famous skin care brand known for its acne healing effects, changes brands as Alcheeme and expands product lines to offer solutions to many skin care concerns common, especially eczema and rosacea. And the Container Store is partnering with suppliers like Circuit, The Home Edit and Blueland. Their director of merchandising, John Gehre, said: “Sustainability and supporting small businesses are not only priorities for our company, but also for our customers. “
Companies attempt to meet the needs and interests of consumers in many creative and well-researched ways during one of the most difficult times in history for business.
