There are so many article titles that make claims like this, but the truth is that there is no one glaring reason why Sears went bankrupt. And there is no one reason why Walmart is doing so well right now.
Sears is bankrupt because of a thousand small things done not quite as well as they should have been. One of those things was not changing in the right direction.
Walmart saw the internet for the next wave, possibly by seeing how well online giants like Amazon.com were doing. Walmart sunk a lot of $$ into their online presence and in 2020 they have one of the largest best-built online stores on the internet.
Sears never had a great online store. Personally, I find this baffling. Sears began as a catalog retailer. There was a time when you could even purchase a Craftsman house through a Sears catalog. In fact, Sears was a catalog-only company for over 30 years. They could have looked at how they got started to see how they could have flourished in the future.
If COVID-19 has taught business anything, it’s that we all need an online presence.
Even businesses like restaurants, something that would have been inconceivable as an online business 10 years ago, can flourish by offering online ordering and delivery.
Businesses have scrambled to update their internet web sites, social media presence, and online customer relations since March of 2020, and for many businesses that has made the difference between staying afloat and going bankrupt.
So how can other businesses look to the past to help them have a brighter future? Have you contacted your old clients lately?
Unless you are brand new, you should have some old clients. Have you contacted them to tell them about all the changes that have gone on in your business?