How Millennials Can Save Toys "R" Us From Bankruptcy – Forbes
Millennials are routinely blamed for killing industries and national brands like Applebee’s and Buffalo Wild Wings. Their decline is often followed by strategic shifts to engage this group as customers. But as Applebee’s admitted earlier this year, those attempts often fail.
Industries decline and stores struggle not because of a single generation but because of broader trends. A preference for online shopping and changing consumer expectations, for example, are true in every generation. Yet because millennials are significantly larger than any other group, they tend to magnify these trends.
What if this generation became a superhero, keeping a company from the brink of disaster? What would that brand need to do in order revitalize sales and once again establish itself as an industry leader? Is this even possible?
The answer is yes, and the brand best poised for being revived by millennials is Toys “R” Us. The retail giant declared bankruptcy back in September. With declining sales and the explosion of online retail, the once great children’s store chain has experienced significant struggle in recent years.
Without a change, Toys “R” Us could fall to the history books with brands like Borders, the national bookseller that couldn’t compete with Amazon. They could be yet another company to disappear from the national landscape. Riding off into the sunset doesn’t need to be the reality for Toys “R” Us. If leaders within the company want to lead a great comeback story, then it’s time to engage millennials.
Saving the company requires a few key moves to position it effectively in the minds and wallets of our nation’s 20-somethings and 30-somethings: