Millennials rejoice!
Toys R Us is back and better than ever. The toy giant filed for bankruptcy in 2017, which resulted in many nostalgic adults lamenting the loss of their favorite childhood toy store. Not only is Toys R US opening up a new 20,000 square foot location inside New Jersey’s Dream Mall, which will boast a two-story slide and an ice cream parlor, they are also partnering with Macy’s to have products available in 400 stores across the United States, as well as maintaining their presence abroad and online.
This store will be the first Toys R Us owned by WHP Global, who bought a controlling stake this year, but also the only store in the United States. Between big box retailers and one-click ordering with practically instantaneous shipping, many brick-and-mortar retailers just can’t compete. If that wasn’t challenging enough, many businesses face ever-shifting consumer demands, a dragging economy, and a global pandemic, making maintaining brick and mortar stores and businesses, even large ones, incredibly difficult.
Due to the Coronavirus pandemic, many businesses including JC Penney, J. Crew, and Neiman Marcus have faced the same fate and had to declare bankruptcy. However, bankruptcy is rarely the end for many companies. For companies, bankruptcy can mean many things, from reorganization to liquidation, and in some cases other companies get an opportunity to purchase these businesses, meaning consumers may see their favorite businesses return. Other companies choose to completely eliminate their brick and mortar stores entirely and return solely online.
Many stores and businesses are shifting their offerings, creating limited-edition offerings, and going to great lengths to stay in hopes to compete and stay relevant. For example, PetSmart is targeting pet parents this holiday season by offering matching, customizable pet and human sweaters, and holiday pet portraits. In keeping with the “ugly” holiday sweater craze, Microsoft created and sold out a minesweeper “ugly” sweater. Proactiv, which is a famous skincare brand known for its acne healing effects, is rebranding as Alcheeme and is expanding its product lines to offer solutions to many common skincare issues, including eczema, rosacea. And the Container Store is partnering with vendors such as Circuit, The Home Edit, and Blueland. Their Chief Merchandising Officer, John Gehre, said “Sustainability and the support of small businesses are not only priorities for our company, but our customers, too.”
Businesses are attempting to keep up with the needs and interests of the consumer in many creative and well-researched ways during one of the most difficult times for businesses in history
