Even as the world slowly limps back from economic depression, some industries are unlikely to fully recover. Market observers say that although the worse is over, many businesses may not be able to bounce back completely.
A recent analysis by research firm IBIS World looks at 10 industries that appear to be dying. The sectors founding wanting have been left behind either by technology or cheaper overseas competition.
The biggest industry profiled by IBIS World is wired telecom carriers, mostly being replaced by cellphones and the Internet. The dominance of the Web and digital media also puts Newspaper publishers, record stores and video-rental companies on the list. Photofinishing also takes its place among the top 10 dying industries due to the growing influence of digital photography.
Mills and apparel manufacturing business is on a down-slide owing to cheap imports. Firms that rent formal wear are also dying, after facing a double whammy: competition from abroad and lower prices making owning your own formal wear a more attractive option than renting.
An exhaustive list of the top ten dying industries:
- Wired Telecommunications Carriers
- Mills
- Newspaper Publishing
- Apparel Manufacturing
- DVD, Game & Video Rental
- Manufactured Home Dealers
- Video Post-production Services
- Record Stores
- Photofinishing
- Formal Wear & Costume Rental
