Toys R Us is closing down because kids don’t go to shops anymore
It's the end of an era
More than 5,500 jobs are at risk as two former high street giants – Toys R Us and Maplin – face closure.
What it means:Rows and rows of toys, heaps of cheap colourful plastic... what was once the palace of our dreams is soon to be no longer, cuz kids nowadays just don't shop like we used to. Most toys are now bought in supermarkets, apparently, or online.
Blame Amazon, right? Wrong, according to one expert. A retail analyst told the Guardian that Toys R Us failed to invest enough in its online store, or come up with innovative ways of making the in-store experience attractive that weren't just coming in to buy stuff: “As a specialist retailer, the Toys R Us experience should have been a magical one with in-store events, dedicated play areas and product demonstrations. The reality was a soulless shed.”
Businesses and governments invest a lot of money in keeping up with – or ahead of – the times. It's what they call
– it's a bit of a buzzword, but really it just means understanding that people don't just stand still, their habits and demands change, so businesses should too.
…So where next? Not only do economic ideas shape the institutions and communities we live in, they also influence our own ideas of personal success – be it earning well, achieving a ‘Dr.’ or ‘CEO’ at the front of our label, or living a sustainable life. But what with the speed at which technology is transforming our economies, we can barely predict what ‘s in store for our economies and where we’ll fit in…