Part 5/9:
2. Intensifying Competition
The landscape of retail has transformed dramatically with the rise of online competitors. Notably, companies like Wayfair captured significant market share in furniture and home goods, areas where Big Lots once flourished. Brick-and-mortar stores such as Walmart have increasingly offered competitive pricing structures, whittling away at Big Lots' customer base. Amid such aggressive competition, Big Lots struggled to distinguish itself, facing the dual challenges of soaring e-commerce giants and established discount retailers.