Mix It Up: Mark Cuban Urges Walmart-Style Chains to Embrace Both Online and In-Person Sales
According to The Sun, Billionaire investor Mark Cuban emphasizes the necessity for major retailers to strike a balance between online retail and brick-and-mortar shopping. In an exclusive interview with The U.S. Sun, Cuban noted that consumers still crave a “tactile” in-store experience for certain products, highlighting the importance of physical retail alongside e-commerce.
Adapting to Changing Consumer Preferences
Cuban acknowledged that retailers, including giants like Walmart, are reducing their physical presence due to the rise of online shopping. He stated, “People want to go shopping, they want that tactile experience. And that’s changed now; people want a combination of both.” He emphasized that while the number of brick-and-mortar locations may decline, it doesn’t mean that large companies must go out of business. “They have to come up with the right balance,” he added.
Challenges Facing Walmart
Earlier this year, Walmart announced the closure of 23 stores across 12 states due to underperformance, rising operational costs, and difficulties in reaching new lease agreements. The company cited the shift toward online shopping and retail theft as contributing factors affecting its profitability. As of 2024, Walmart operates over 4,600 stores nationwide, and the possibility of further closures remains on the table.
Impact of Retail Closures on Communities
Cuban expressed concern over the potential consequences of closing brick-and-mortar stores. He warned that American communities could “die” if policymakers and business leaders don’t take action to prevent the decline of physical retail. Amid the ongoing “retail apocalypse,” which has seen hundreds of store closures in recent years, Cuban pointed out that vulnerable populations are significantly affected.
According to retail data provider CoreSight, 2024 has already seen a 24% increase in store closures. Cuban called this a “big problem to solve” and urged all levels of government to collaborate with entrepreneurs to combat the growth of food and pharmaceutical deserts in communities.
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A Call for Action
“If you just say, just let the market take care of it, we see what happens—communities die,” Cuban warned. He stressed the need for open-minded approaches to address the challenges facing retail, viewing them as problems that require urgent solutions.
Advice for Entrepreneurs
In addition to discussing retail challenges, Cuban offered his best business tips for aspiring entrepreneurs. He pointed out that many individuals mistakenly believe they can achieve success by working for someone else instead of investing in their own ventures. As the November 5 presidential election approaches, Cuban argued that businesses would be better off without political interference in the economy, suggesting that the next U.S. president needs to “shut up.”
Cuban has endorsed Vice President Kamala Harris, actively participating in her campaign at several key events in battleground states.