Toy Retailers Keeping Up With a Swiftly Changing Marketplace
The toy industry experienced a fairly serious shakeup last fall when Toys R Us began liquidating their assets in plans of closing its doors. While its clear that this industry giant no longer has what it takes to remain competitive within the industry, the silver lining is that the demise of Toys R Us has led to a good deal of opportunity for other retailers, who are now scrambling to fill the void they've left. Those most likely to benefit heavily from Toys R Us closing its doors for good are other large-scale chain retailers like Target, Walmart, and Amazon.
The Battle for Dominance
These three retailers are currently in a battle for dominance regarding who will be best positioned to fill the void left behind by Toys R Us and supply customers with the toys and games they need. One consumer survey conducted in 2017 pointed at these retailers as part of the reason that Toys R Us eventually chose to close its doors, with more consumers than ever heading to Walmart and Target to shop for toys and games instead of a dedicated industry specialist.
Where Does This Leave Smaller Businesses?
Walmart, Target, and Amazon may have impressive toy departments, but they aren't toy stores. Industry insiders believe that its safe to assume that there will still be plenty of room for dedicated toy and game retailers to move into positions of primacy as well. Those that are most likely to succeed are stores that are able to present, display, and curate their toy and game selections to cater to those customers who are looking for specialized retail establishments. It's still too early to say what changes the coming year will bring to the toy industry, so it's a good idea for those with a vested interest in market trends to devote some extra time to following toy industry news in the coming months.
Get the Competitive Edge
The best way for smaller retailers who are looking to take advantage of the fall of this industry giant to get ahead is to begin building an executive team that can help them remain competitive in a volatile market. Putting up a toy job listing through a dedicated recruiting firm is a good first step.