Barneys, Blockbuster, Payless: The iconic brands lost since 2010
Former Toys ‘R’ Us CEO on what caused these companies to fail
During the last decade iconic brand names, especially in the retail sector, closed up shop as how consumers buy goods and the type of goods they prefer changed at a rapid pace. Former Toys "R" Us CEO and Storch Advisors CEO Gerald Storch joined FOX Business' “Making Money with Charles Payne” on Monday to discuss what went wrong.
“The world changed on them, both technology and the consumer,” Storch said.
Storch said if brands don’t adapt rapidly enough, e-commerce will take over retail and they “will not survive.”
"Those particularly are hit, though, were department stores and retailers in the mall,” he said. “So you saw department stores are greatly stressed.”
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Here are a few notable examples:
Retail
“If something can be digitized, it will be.”
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Entertainment
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"You saw the disappearance of music stores, right? Because you get that digitally," Storch said. "Video stores like Blockbuster -- of course they had to go. You can get that digitally now ... same thing with books.”