One of the most seriously affected industries is retail. Please read the attached article on the decline of retail industry and its implications. Use this industry as a context in your responses.
1. What do you think are the root causes behind the decline of the retail industry? Use the concepts from chapter 4 in your response.
2. Why is difficult for firms to change their business strategies? What are some of the major obstacles retailers face in doing so?
3. Reflecting on Michael Porter’s “stuck in the middle” concept, how can businesses avoid being trapped in obsolete (outdated) strategies? Give examples