WHERE DID ALL THE BLOCKBUSTERS GO

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I can remember driving around town a few years ago and it seemed that there were 2 businesses popping up on every corner, Starbucks and Blockbuster Video. As I was driving today I made another observation, there is still a Starbucks on every corner but just about every Blockbuster Video is either closed or closing.

These two companies had very different beginnings. Blockbuster was one of the many video rental companies that all started at the same time and were competition for the public’s dollars. Starbucks on the other hand was the frontrunner in the gourmet coffee business. Blockbuster had to compete on inventory, pricing, and rental policy while Starbucks set the industry standard.

How is it that a onetime industry leader like Blockbuster is forced into closing so many stores? SIMPLE, the brick and mortar store is a thing of the past in the video business. Netflix, ONDEMAND, Cable, Red box, Blockbuster Express are all places videos can be rented for the same or less money than Blockbuster stores and costs. Convenience is another factor to take into consideration. Some of these companies allow you to rent through your cable box or computer, some deliver by mail and some have outlets in a lot of locations that you find yourself in all the time.

Keeping up with the times, and adjusting your business model to meet your customers needs and wants is paramount to success in today’s business climate.

What have you done to adjust the way you do business to meet your customers needs? If you believe that “leaving well enough alone” is the right way to do business, then don’t be surprised to see your customers “leave you alone” and take their business elsewhere.

Oh where, Oh where has Blockbuster gone, Oh where, Oh where can it be… sing along with me…

Lorin