(WKYT/SWD) - The holiday season is upon us and lots of earnings have come out the last two weeks for major retail stores. Many brick and mortar stores saw a dip in sales, if not a total decline. But there might be a way for retail and department stores to turn around the ever-growing preference for online shopping.
Big malls with anchors like Sears, Penny's and Macy's are quickly becoming a thing of the past. Most malls in their original state don't offer a lot that you can't get online.
But we're seeing demand remain strong for high-end consumer shopping. While online shopping is going crazy, Matt Dicken, a financial expert with Strategic Wealth Designers, says people still like the experience of seeing high-end products in person and often times enjoy a nice meal in the process.
Dicken says we can expect places like Whole Foods and other niche organic spots that offer unique experiences to thrive in the future.
Something else malls are doing is moving from a shift in stores and product to bringing in entertainment venues, Dicken says. Experiences like Dave & Buster's, TopGolf or escape rooms are some of the things now occupying empty spaces in the mall.
The shift to online shopping is also shifting the landscape for job seekers. Reduction of in-store brick and mortar locations will cut down on job opportunities at those companies in local cities on the traditional retail side.
But Dicken says jobs won't necessarily be eliminated. They just will be shifted to corporate office locations. Skill sets for digital-first companies will look a lot different than someone who is in store with a customer.