From my father, who was chief merchant at the department store my family had founded and run for much of the last century, I learned about the business of retail long before I came to practice the law of retail. One thing he made sure I understood: Enjoy doing whatever it is you just learned to do, but never get too comfortable because you will very shortly be learning to do something different. That was how fast the business was changing, even then—and how prophetic was his advice for now.

I was recently reminded about what he said as I walked down one mile of Lexington Avenue on the Upper East Side of Manhattan, a prime residential neighborhood, and counted 18 empty storefronts, including two that were flagship-sized. The stock market was setting records and unemployment was low, but if you wanted to buy a pair of jeans on that walk, you were out of luck. Meanwhile, at my wife’s favorite outlet complex in Reading, PA, they were shutting stores in former factory buildings and ripping out wooden beams to sell into the antique materials market. Online shopping is widely seen as the reason, of course. Whether working in-house or providing assistance from a law firm, here are a few points for lawyers to keep in mind when counseling the business team of a retailer finding its business and in transition.

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