Situs RERC President Ken Riggs discusses the negative effect online shopping has on retailers on i24NEWS

Is traditional retail on the brink of death? 3300 retails stores have been closed so far in 2017 already, with Payless, GameStop, RadioShack, and Sears/Kmart being hit especially hard.

Ken Riggs, President of Situs RERC, shared his thoughts on the matter:

“The retail environment is a Darwinian environment, and it has been for many years. Over a 20-year period, you’ll see 50% of retailers go bankrupt. Retailers today have to provide an experience and they need to look at the demographics on who is shopping and how they’re shopping. It’s an interface between the experience of being in the sticks-and-bricks, and also using the Internet.”

When asked why Amazon is opening brick-and-mortar stores: “It’s a point-of-delivery experience. What we need to think about is the ability to mine data today – that’s the amazing thing. They’re able to basically anticipate and think about what is going to be purchased, the ability to understand the customer, the ability to anticipate their actions…is so powerful.”

To see Ken Riggs’s full interview, visit:

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