Headlines

Service Retailers Surpass Traditional Retailers

This is a milestone for the retail industry

Published

4 years ago

March 12, 2020

VMSD Staff

Service-based retailers, such as nail salons, entertainment venues and restaurants, have risen in number by more than 20 percent since 2002, with goods-focused retailers falling by 4.5 percent, reports CNBC. The information was derived from a report released by Chicago-based JLL.

These shops now make up 52.6 percent of retail space in the U.S., totaling 1.2 million stores, with goods-based retailers accounting for only 47.4 percent, or 1.1 million stores.

Stores are now faced with the need to offer a service or experience that cannot be bought online, as customers turn to the Internet to meet shopping needs.

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