Recent headlines in both the trade and mainstream press have been full of variations on the same theme: Brick-And-Mortar Retail Is Dying! And these headlines are not just clickbait. There were more retail bankruptcies in the first four months of 2017 than in all of 2016. A rash of store closures also are making the news, both by some of the largest retailers (Macy’s, Sears, Payless Shoe Source) and smaller players including hhgregg and The Limited. An NBC News report noted that more than 100,000 retail workers have lost their jobs since October 2016. A frequent counter-argument to these stories goes like this: If brick-and-mortar retail is such a terrible business model, why are so many online retailers rushing to open physical stores? (A partial list includes Amazon, Warby Parker, Bonobos, Minted and Casper.) It’s certainly a valid question — but the answer is more complicated than it might appear at first glance.