'People have prioritized spending money on experiences rather than possessing endless stuff, in a switch toward what's been called 'the experiential economy.'
In the 1980s, a new type of specialty retail chain started to emerge: "category killers."
By focusing on one area of merchandise and becoming a leader in the area, companies bet customers would turn to them whenever they needed, say, new toys for their kids, a DVD player, or bedsheets. Large companies with the ability to invest in sophisticated technology and software systems gained an advantage over local and regional stores.
"We had witnessed the department-store shakeout and knew that specialty stores were going to be the next wave of retailing," co-founder Len Feinstein said in 1993, a year after the company went public with 38 stores and around $200 million in sales.& Beyond grew, it drove out smaller linen and home decor stores.
And big-box chains such as Walmart and Target can focus on cherrypicking high-demand products in each category, limiting their cost burden.
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