Sometimes it’s a little more complicated than failing to adapt.
Sometimes there are challenges that happen that small business owners just can’t overcome. Things like the price of the rent for the commercial space that goes up 200% because it became a prime location. People stop shopping at a small shop because the prices are a bit higher than mega stores like Walmart who can afford to have smaller profits on sales due to the amount they sell or even Amazon.
Next thing you know, these small shops that support your local neighborhood and pay the local taxes disappear and the big mega corporations, who are registered in tax havens and pay minimum taxes, take their place because they can afford it.
Had a furniture store back where I come from that just kept running the going out of business sale until they made a law about it. After a whole scandal about providing alcohol for his son’s underage drinking party the guy leased the building to a indoor flea market for a while and then eventually turned it back into a furniture store and even has the balls to put his name back on the sign. Bought a mattress from him not too long ago, pretty fucking good mattress actually, especially for the price.
To be honest I really just don’t think there’s a place for Doctor Jack Phillip’s Wooden Dentures in this world anymore. Shame to see them close down.
I wouldn’t call that failure. That’s a pretty good run.
Exactly, the average company lasts around 15 to 20 years. Even very big companies are hovering at around 25 (with a tendency to go down).
It should say, “We failed to adapt”
Probably more accurately, “we failed to compete with a billionaire backed business who exploits their workers”.
