The Future of Retail: Get the Facts
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Retail is undergoing an enormous transformation, leaving many asking, “What’s the future of retail?” The narrative that the industry is struggling, dying or even suffering a retail apocalypse inaccurately depicts what’s really happening.
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The Future of Retail: Get the Facts
- 1. The industry has evolved, but the data hasn’t Misunderstandings in data analysis stem from antiquated ideas about how the retail industry operates, and the Bureau of Labor Statistics is at the center of this problem. When the BLS reports retail jobs numbers it only captures employees who work in stores, missing countless industry professionals who work in non-storejobs such as innovation labs, call centers, office headquarters, warehouses or distribution centers. The Future of Retail: Get the Facts nrf.com/futureofretail
- 2. nrf.com/futureofretailnrf.com/futureofretail We’ve all heard that retail is in trouble — even serious trouble, depending on who you listen to. But reports of the industry’s death are greatly exaggerated. Here’s a look at the numbers to see what’s really going on.
- 3. nrf.com/futureofretailnrf.com/futureofretail Source: U.S. Census Bureau and NRF There are over 1 million retail establishments across the United States and retail sales have been growing at almost 4% annually since 2010.
- 4. Retail is alive and well $2.62trillion $2.71trillion $2.72trillion $2.62trillion $2.71trillion $2.8trillion $2.94trillion $3.04trillion $3.17trillion $3.28trillion $3.34trillion 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 0 $500 billion $1 trillion $1.5 trillion $2 trillion $2.5 trillion $3 trillion $3.5 trillion $4 trillion Total retail sales Annual retail sales nrf.com/futureofretailnrf.com/futureofretail Source: U.S. Bureau of Labor Statistics
- 5. nrf.com/futureofretailnrf.com/futureofretail Source: U.S. Census Bureau Online is not “killing” bricks-and-mortar businesses. Online sales currently make up less than 10% of total retail sales, and many of those on- line sales are from traditionally bricks-and-mortar brands’ websites.
- 6. nrf.com/futureofretailnrf.com/futureofretail Source: U.S. Census Bureau In-store vs. online sales over past five quarters Q2 2016 Q4 2016Q3 2016 Q1 2017 7.8% 8.5%8.2%8.2%8.0% 92.2% 91.5%91.8%91.8%92.0% Q1 2016 In-store sales Online sales In-store vs. online sales: last 5 quarters Source: U.S. Census Bureau
- 7. Of the 50 top online retailers, nearly all operate stores; three in four are traditional bricks-and-mortar companies. nrf.com/futureofretailnrf.com/futureofretail eMarketer: Top 50 U.S. Retailers by Online Sales (only top 10 shown)
- 8. nrf.com/futureofretailnrf.com/futureofretail The industry has evolved, but the data hasn’t. Misunderstandings in data analysis stem from antiquated ideas about how the retail industry operates, and the Bureau of Labor Statistics is at the center of this problem. When the BLS reports retail jobs numbers it only captures employees who work in stores, missing countless industry professionals who work in non-store jobs such as innovation labs, call centers, office headquarters, warehouses or distribution centers. Source: U.S. Bureau of Labor Statistics
- 10. Source: Bureau of Labor Statistics Retailer hiring is on the rise in new growth areas 200,309 550,957 2012 2016 Total retail supply chain and logistics job openings Total skills demand 195,899 341,974 2012 2016 Total retail engineering and technology job openings Total skills demand Retail hiring is on the rise in new growth areas. Source: Burning Glass Labor Insight database nrf.com/futureofretailnrf.com/futureofretail