“Those who cannot learn from history are doomed to repeat it.” – George Santayana
In early September, the media went abuzz with news of Amazon becoming the second US company to surpass the $1 trillion market cap. However, the news of Amazon’s success has eclipsed certain interesting facts:
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- 2017 was the worst year ever for traditional retail stores thanks to e-commerce businesses like Amazon.
- More than 662 traditional retail businesses filed for bankruptcy in 2017 — a 30 percent increase from 2016.
- Traditional retailers were the second biggest job loser in 2017 — contributing to a loss of over 36,000 jobs.
