02/06/15 by Rennie Detore
Radio Shack, despite efforts to recreate their image and rebrand a fledgling franchise, finally filed for bankruptcy. The move hardly would be considered shocking but rather yet another retail casualty.
Exactly why Radio Shack will sell off its remaining stores can be debated feverishly by industry experts or the casual consumer. Based on the revenue of Radio Shack in recent years, the company had been losing millions every quarter and year, customers haven't exactly taken to recent marketing efforts or the store trying to infuse some level of relevancy in recent years.
Remember Radio Shack harkening back to the 1980s for a series of TV commercials? They also signed on "Weird" Al for one of his catchy, amusing songs, although that failed to catch on as well, despite the best efforts from the creative minds behind "The Shack."
Cute slogans or Radio Shack trying to repackage the way they present themselves to the public couldn't change the fact that the retailer simply failed to stay relevant sooner than later. The electronics marketplace is equal parts picky and frugal. Even electronics giant Best Buy isn't the juggernaut it once was when it comes to selling any and all things flat screen TVs, tablets or laptops.
Part of the problem is consumers have taken to the internet and thus the lowest bidder when it comes to finding what they want at a price they determine (or least search for until they find it). Amazon immediately comes to mind as the destination for buyers, as Best Buy and other brick and mortar locations have become showrooms that ironically allow consumers to check out or even play with various devices and gadgets but turn around and buy them online.
Best Buy has thus started to push its online pricing and buying, but that move simply wreaks of panic. Radio Shack never even got to that point, however. They remained steadfast in growing their traditional stores, and that mentality made the long running retailer highly disposable in an already competitive marketplace.
Radio Shack certainly seemed competitive but rather misguided. Instead of pouring their hearts into advertising and humorous jingles and promotions, they needed a basic class on how to reposition your business in the marketplace.
Or, at the very least just the will and wherewithal to just pay attention to how their sector of consumerism was shifting. Radio Shack, instead, stood pat in its philosophy and that hard edged approach produced soft revenue numbers and eventually led to the retailer shutting down for good.
Any time competition is eliminated, you can't help but believe that hurts how the remaining players do business and could essentially hurt customers and their ability to have an alternative when it comes to purchases.
For Radio Shack, however, they hardly were viewed by the end as competition but rather an stubborn, outdated entity that never truly engaged in the idea of changing.
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