More than 400 thousand small businesses folded in 2020 due to the pandemic. Single location stores were hit the hardest. Still, the net change in the total number of stores in the U.S. was positive: more stores opened than closed.
Simultaneously, e-commerce sky-rocketed, both out of necessity and an abundance of caution. But, as soon as it was safe to do so, we willingly went back into stores; clothing stores, in particular, because we like to try things on, and because it’s easier to return goods at a physical location. It turns out that online vs. in-store shopping is not a zero-sum game after all. We want both.