Technology’s Impact On The Future Of Commercial Real Estate
The retail industry has been experiencing disruption due to technological innovations that have pushed a growing number of consumers to mobile purchases and e-commerce transactions. In 2017, nationwide e-retail sales totaled over $409 billion. Amazon accounted for $54.47 billion and Walmart sold $14 billion in the U.S. alone. By the year 2021, forecasts for global e-retail sales expect the number to reach $603.4 billion (USD).
In tandem, local and national media headlines in the last few years have reported stories of major retail industry giants closing hundreds of brick-and-mortar locations due to steady declines in sales. Among the most notable retailers closing doors or filing for bankruptcy protection are RadioShack, Gap Inc., Kmart, and Toys R Us.
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Michael Polk, Forbes