You work as an assistant at the Modern Retail Association. You have been asked to give a speech on the future of retail at a seminar for students of retail marketing and management at the University of California, San Diego.
In the speech you analyse the current challenges for the retail industry, and you discuss how retailers can survive and thrive in the future.
Good afternoon students, my name is Li-Yi Tang and I'm an assistant from the Modern Retail Association.
I have been asked to give a speech about the "future of retail" to you students who are studying retail-marketing and management here at the University of California.
The Future of Retail
The technology is constantly improving every day as you may know, and it has its pros and cons.
The internet has grown by the years and based on current challenges for the "brick and mortar" industry it's the competition against e-commerce.
For you who don't know what the "brick and mortar" industry is, that is stores that have physical storefronts.
The "Brick and mortar" industry giants keep closing hundreds of stores every day caused by e- commerce.
One man named Lee Peterson, an executive vice president at WD Partners, a strategy, design, and architecture firm once said:
"People don't have to go to stores anymore; they have to want to go,"