Retail Stores

In an alternate universe, RadioShack would rule the world, supplying all of your electronics needs from computers to cellphones, and even making them. But in this world, RadioShack is almost bankrupt, having missed almost every opportunity to be the center of the technology revolution. Last week, the electronics retailer announced its latest quarterly loss — $119.4 million — and said that it might not have enough capital to continue as a "going concern." The announcement was a surprise to no one. RadioShack, despite some terrific marketing, has been in turnaround mode for almost two decades. 

The retail sector is in flux, with established players like Wal-Mart (besides studying Bezos) vowing to open smaller, more intimate stores. At certain companies, "omnichannel" is the way of the future; at other chains, it's a four-letter-word. And still other retailers are closely watching Alibaba's ballyhooed entrance into the North American market. What to believe? What to dispel? What retail strategies will work and what should you discard? Here, I dispel the top five retail myths so that you can spend time doing what really matters: supercharging your chain's profitable growth:

Retail sales rose broadly in August, which should ease some concerns about consumer spending and support expectations for sturdy growth in the third quarter. The Commerce Department said Friday retail sales increased 0.6 percent last month as Americans bought automobiles and a range of other goods after an upwardly revised 0.3 percent gain in July. "It still paints the consumers muddling along," said Scott Brown, chief economist at Raymond James in St. Petersburg, Fla. "The general message on the economy is that it's improving but we still have a lot of slack to take up." 

Christmas is still more than three months away, but the game is already on in the toy aisle with both Wal-Mart and Toys"R"Us publishing some of their holiday toy lists Wednesday. Winning the game for Toys"R"Us isn't just about picking the hit product, it's also about proving there's viable room for it to exist and win as a specialty toy retailer, as other specialty chains from Best Buy to Barnes & Noble also guard their respective foothold against rivals from Wal-Mart to Amazon.com. 

Sept. 9 was Apple's big day. The tech giant introduced its new iPhone and long-awaited Watch. While both of those products may be big news, what's inside them — specifically Apple Pay — may prove to be the biggest headline of all. Apple Pay promises to give consumers a safe, convenient way to make payments, no credit cards needed. With Apple's new iPhone 6 model, a shopper will be able to make a payment without the need to wake the screen display or open an app.

If developments like Apple's iBeacon or the rise of online marketplaces are any indication, the retail industry is in the midst of a significant digital evolution. These leaps in technical innovation present major opportunities for retailers willing to embrace change and equally significant threats to those that stubbornly hold on to status quo.

Our experts walk you through opportunities to not only cut shipping costs, but also improve shipping service to your customers.

Home Depot has confirmed that its payment systems were hacked at its U.S. and Canada stores starting in April. Customers who paid with cards may have had their data compromised. The company says there's no evidence that pin numbers from debit cards were stolen. On Sept. 2, Home Depot said it was working with banks and law enforcement to investigate reports that its stores could have been the source of a new batch of credit and debit card numbers being sold on the black market. 

As CVS sharpens its focus on customer health, the nation's second-largest drugstore chain will tweak its corporate name and stop the sale of tobacco nearly a month sooner than planned. CVS Caremark said it will now be known as CVS Health, effective immediately. The signs on its roughly 7,700 drugstores won't change, so the tweak may not register with shoppers. However, those customers will see a big change when they check out. The cigars and cigarettes that used to fill shelves have been replaced with nicotine gum and signs urging visitors to kick the tobacco habit.

J.C. Penney Company is launching a new online sports store on its e-commerce site that will be powered by Fanatics, an online retailer of officially licensed sports merchandise. Fanatics, which operates the e-commerce platform for hundreds of collegiate and professional sports teams, leagues and media sites, will provide fans with a selection of team sports apparel and merchandise at JCPenney.com, offering more than 300,000 licensed products spanning all the major sports leagues.