Is Mobile Failing at Driving In-Store Traffic?

With light foot traffic dragging down retail sales over the holidays even as m-commerce continues to grow, retailers are struggling with effectively tapping mobile to bring customers in-store. For the past couple of years, retailers and mobile marketing services providers having been talking up mobile's ability to enable hyperlocal, personalized engagements that can drive nearby customers in-store. However, with many retailers seeing few shoppers in their stores over the holidays, have they just not figured out the right formula yet for leveraging mobile to drive in-store traffic or is the convenience provided by m-commerce trumping the need for real-world transactions?