Retailing has evolved over the past century; the traditional model that was used in the 20th century has been replaced by the modern model. Retail shops have been shifted online and virtual stores have been created. Doug Stephens’s book The Retail Revival explores the shift from traditional retailing to modern retails. It takes the reader through the journey of its evolution. The main purpose of the text is to redefine retail and develop a better understanding of the business concept. It explores how it has changed over the years and its impact on societal economies. It features economic shifts and turbulent changes that have impacted consumer behavior. Stephens analyzes seismic shifts in the market and how it is making the business industry unpredictable. Chapter 1 to Chapter 4 of the book is mainly concerned with the history of retail, where the journey of its evolution began, and where it is headed in the future.
Chapter 1 of the book features the history of retail over the last 60 years. The text opens up with the historical assessment of the economic forces that shaped the retail industry during this period and their effects on the future. It explores the demographic, economic, and seismic changes that took place during the period. According to Stephens, the first half a century of the period under review was significant in shaping the future of retail in the contemporary world. It highlights the main events that affected the economy and their impact on today’s economic future. One of the key points in this chapter is a traditional model of retailing that the author calls the baby-boomer economy. This is where retail products were in huge demand from consumers. According to the author, the baby-boomer generation did not care who produced the goods or how they were produced; hence they would buy a product as long as they are of good quality and appealing (Stephens 3).
Stephens suggests that taking advantage of the naive generation, retailers offered and sold a lot of products and services in the market, and the industry began getting flooded. One did not even need to be skilled in selling, all they needed to do is to provide good quality and attractive products at a fair price, and they could make a lot of money. Besides, during this period, food retailing was not so popular because there was no need for it since people relied on traditional food grown in their farms. Therefore, most retailers shied away from this sector of the retail industry during the period. However, a few who dared to invest in food retailing reaped a lot of benefits due to limited competition.
In Chapter 2 of the text, the author explores the period of economic decline that was witnessed in the early 21st century. It features the recession period that occurred between 2009 and 2010 (Stephens 9). According to the author, during this period, the economy and the GDP of the country fell over two subsequent quarters. Stephens suggests that this is the most devastating economic crisis since World War II. In this section of the book, the author argues that the retail industry was becoming weaker and weaker after the recession. In his opinion, during this period, the economy experienced a crucial decline, and most of the retailers were struggling to stay afloat.
It also features some of the measures that were put in place by the government and retailers to try and come back from the downfall that was brought about by the recession. However, Stephens suggests that the efforts by both government and retailers to stage a comeback were not so successful because the recession had a devastating impact on the economy. In this case, it was difficult for the players in the retailing industry to absorb the shock presented by the economic crisis and stand back on their feet. However, the author is optimistic that in the future, the sector is going to beat the odds and regain its lost glory. In this section of the book, Stephens lists social, economic, and technological changes as the greatest hindrances to the recovery from the recession period.
Chapter 3 of the book contains several examples of how the retail industry may change in the recent future. It also predicts some of the changes that are expected in the coming future of the retail industry. In this chapter, the author aims at painting a vivid picture of modern retailing in contrast with traditional retails. One of the examples featured in this section of the text is Stinchcombe’s retailing model where retailers establish a social system with the social resources available in an attempt to reach their consumers. The section provides a North American family as an example exploring how the family made retail decisions with the aim of understanding a typical modern consumer (Stephens 16). According to Stephens, retailers in the modern world should see the audience and their consumers in their future and provide retail products that cater to their future needs, tastes, and preferences. Unfortunately, the author suggests that this is rarely the case for most retailers are most of them struggle to adapt to the changes in contemporary society.
In Chapter 4, the author is concerned with how retailers are failing to adapt to the changes that have been brought about by technology and other innovations. Stephens suggests that most retailers were not ready for some of the changes, especially after they suffered the effects of the recession period (Stephens 18). One of the factors that the authors suggest is lacking in most retailers is that most of them are struggling to come up with unique products that can compete favorably in the market. Stephens thinks that most of the retailers are not creative enough to come up with unique products that are both of good quality and meet the needs, tastes, and preferences of the consumers. If retailers can come up with unique and affordable products, the author is confident that they can compete favorably with others in the industry.
Stephens’s book explores both phenomena of retailing that were popular in the past and how this has changed in the present society. The author takes the reader through the journey of the evolution of the retail industry. As a result, it helps develop a better understanding of the history of retailing, the future that the industry holds, and how retailers can adapt to the changes brought about by technology. By the end of the book, a reader is able to understand the history of the retail industry and what the future for the sector is.
Works Cited
Stephens, Doug. The Retail Revival: Reimagining Business for the New Age of Consumerism. John Wiley & Sons, 2013.