E-commerce players, led by the industry giant Amazon, have made it so easy and fast for people to shop online that traditional retailers, shackled by fading real estate and a culture of selling in stores, are struggling to compete, reports The New York Times.
Reporter Michael Corkery says the shift has been building gradually for years. But economists, retail workers and real estate investors say it appears that it has sped up in recent months.
“Between 2010 and 2014, e-commerce grew by an average of $30 billion annually. Over the past three years, average annual growth has increased to $40 billion,” writes Corkery.
While the retail industry has always had its ups and downs, but even to many experienced retail workers, who are used to losing their jobs based on the seasons, this downturn feels different, the Times reports.