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Editor s note: The following is a guest post from Howard Meitiner, Carl Marks Advisors managing director and former President and CEO of Sephora USA. He can be reached at [email protected].
Recently, U.K. department store Debenhams announced it was closing after 240 years in business. It s the latest in a long line of retailers including Lord & Taylor, Henri Bendel, Barney s and more to liquidate its assets in the past few years. While at first glance, some may blame COVID-19 and the toll it s taken on the retail world, in truth, the pandemic merely accelerated changes that were already happening. Even in the before times of 2019, shoppers had to be convinced to step foot in a brick-and-mortar store or have a very specific reason to do so.