If you asked a modern retailer what their biggest challenge was these days, you might get a smattering of answers.
Big box stores might say it’s inventory shrink, or the industry term for a disappearance of goods due to theft or other non-purchase-related losses.
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Smaller mom-and-pop shops might tell you it’s competition from larger corporate incumbents, which have far more cash and brand recognition to attract customers.
Many mid-sized businesses would probably say their biggest challenges are rising prices, which can either squeeze profits or turn customers off.
But most every business — big and small, multinational and domestic, online and in-person — would tell you that changing consumer behaviors are one of the biggest factors that’s forced them to reevaluate in recent years.
Over the past five or so years, trying to adjust to our evolving shopping habits has been like trying to hit a moving target.
That’s partly because these trends have changed so rapidly.
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A decade ago, we did the majority of our chores while out and about.
We’d run to the grocery store for our weekly meals, shop for everything from furniture to formalwear at shopping plazas, and do most of our routine errands in person.
Now, though, a lot of these habits have shifted.
The entrance of a TD Bank.
Consumers run errands differently
After the onset of Covid, many of us completely changed how we did things. Everything, from routine doctor’s visits to shopping trips, shifted online.
With the exception of some of the largest online retailers, many companies were completely new to this new way of thinking. That meant most of them had to scramble to build out online and e-commerce capabilities in the midst of the shift.
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Iconic ice cream chain unexpectedly closing locationsStruggling auto parts chain closing down all stores but oneAnother discount retailer closing over 1,000 storesIconic retail chain closing nearly 500 stores
Walmart, for instance, was positioned well to make a change. It built out Walmart+ in the middle of Covid in 2020, but since it already has at least one store located within 10 miles of 90% of the U.S. population, many stores were able to double as fulfillment locations.
It also had the brand recognition, cash flow, and reach to build out a herculean operation in a matter of months.
The same could not be said for most other consumer-facing businesses.
Major bank closing branches
Banks were one such operation that struggled with the online shift.
That’s partially because some of their customers were primed and ready to shift all their banking needs online; younger generations far preferred to conduct their business on an app or website.
But many older customers still prefer to go into branches to do everything from depositing checks to paying bills. This is largely a dwindling practice, and keeping the lights on for routine tasks can be expensive.
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So TD Bank (TD) is closing up many locations across the U.S. as declining customer visits indicates a need to shrink its footprint.
The bank said it would close nearly 40 locations in the coming months.
Six of them will shutter in New Jersey in June. Those branches are located in:
Cedar Grove – 85 Pompton Ave.Flemington – 1 Royal RoadHolmdel – 670 Laurel Ave.Marlton – 191 E. Route 70Ringwood – 145 Skyline DriveSpring Lake Heights – 555 Warren Ave.
All of the banks are anticipated to close by June 5. Following the closure, New Jersey will be left with 216 branches across the state.
“We’ve made the difficult decision to eliminate some roles that are no longer aligned with our business model,” TD Bank said in a statement, adding “…We are committed to supporting impacted colleagues fairly, with respect and providing resources to assist with the transition.”
