Many retail companies are like oil tankers and take a long time to adapt to the changes that technology is driving, many are pinned down by debt and banking covenants that reduce their ability to invest and many have been hindered by a short-term view of the sector. The real challenge for many now is they need to innovate and they need to innovate fast.

-Cally Russell, chief executive and founder of Mallzee, a U.K. shopping app and insights company that launched in 2013, writing recently on Forbes.com on the topic, “Can tech save bricks and mortar retail?” Russell is a Forbes.com contributor on retail topics.