My daughters, ages 20 and 23, are a little bit bummed right now.
See, one of their favorite retail stores has just filed for bankruptcy protection. As a result, Forever 21 intends to close 178 stores in the U.S. and another 172 around the world.
Kendall and Jordan have been going to one of the local stores for many years. They like the wide selection of trendy clothes, shoes, and accessories at discount prices.
Here’s the thing: their other favorite place to shop continues to put lagging retailers under pressure to perform in the fast moving online world.
Growing up in a tech-centric home, both my daughters take shopping at Amazon.com Inc. (AMZN) as a given. Much to their dad’s chagrin, they do it all the time – and I do mean all the time.
But what most people miss here is that Amazon now relies on thousands of other companies to sell through the firm’s unbeatable storefront.
According to Statista, Amazon’s websites receive 209.7 million unique visitors every month from the U.S. alone, with most of the purchases they make coming from third-party sellers.