Not all retailers will be able to afford it. Doug is also the syndicated retail columnist for CBC Radio and sits on multiple corporate and academic advisory boards. I appreciate it. It will take some time both to older retailers and current brands to adjust their shop profile or product offer to these changes. It was great to see how this industry, with such low margins and high traffic, is optimizing… Many of the big future retail trends – personalisation, customisation, curation, experience, community – are a defining part of the concept store idea. In fact, we often shop to fulfill other deeper needs as well – the need to disconnect, to socialize and to commune – and at times to simply be out in public. It is only natural therefore to assume that these spaces will keep evolving and trialling new ideas. The leader of the future has to constantly be pushing the organization out of its safe space and challenging the status quo. Hi Doug. It is predicted the post-Covid market landscape will bring fewer and arguably far better stores, (Raconteur Future of Retail Report, 2020), resulting in progressive retailers placing an emphasis on delivering an enhanced experience, focused on driving consumer interaction and engagement, rather than simply driving sales. Many have not developed a completely articulated and differentiated brand culture with unique customs and artifacts. In 2020, retail workers could no longer be just salespeople In 2020, retail workers could no longer just be salespeople. And this, I find, is most often where small retailers aren’t as effective as they can or should be. This means breaking the script in your category, devising new and compelling experiences and reinventing how people buy what you sell. And the discourse has only reinstated that the growth of e-commerce in the retail sector has not reduced the importance of brick-and-mortar stores for consumers. In the future we expect to see brands shift stores towards studio concepts where retail space becomes media,” says Antony Parham, executive creative director at Imagination. Solid examples are hard to come by. With online players like Amazon prepared to ship just about anything we want in a matter of a day or two, our dependency on physical stores for mere distribution will continue to wane rapidly. In my experience, the trail blazer in this space has to be Westfield. For more information, please fill out the following information and someone from our team will be in touch shortly. It’s eerie how close we came to your vision. The Future of The Retail Store. FUTURE STORES WILL BE ABLE TO OPERATE WITH A 40 PERCENT REDUCTION IN LABOR HOURS . STEPHENS: Here's what we sometimes forget. Amazon owns around 500 Whole Foods stores. They must be willing to step just beyond their current understanding and do unprecedented things, often with little to no supporting data. Experiences have become the social currency of a new generation of consumers who have commemorated every meaningful life experience online. But the company's plan to win more of America's grocery spending stretches far beyond operating an organic chain. That includes how a Nike Member engages with the Nike App in-store, and how the store looks, feels and flows throughout the shopping journey. This post tackles various small biz ideas, ranging from high-level concepts to get you thinking to specific niches you might want to … This not only saves money on inventory, but it keeps airplanes in the air instead of on the ground. Exactly Mark. It is mandatory to procure user consent prior to running these cookies on your website. You see, if I believed that humans shopped for no other reason than to acquire goods, I might be more aligned with Andreessen’s view but in fact, we don’t shop just to get stuff – any more than we go to restaurants purely for nutrition. Increasingly, media, in all forms, is becoming the "store." He calls himself (and his consulting business) "the Retail Prophet," however, in light of his focus on the future. Not a mall, shopping center or store, but Amazon. Nice to see some calm non sensational opinion. business Retail. Why else would celebrities brave the hoards of paparazzi to shop for things they could undoubtedly have delivered to them on a silver platter? Jacob Douglas @jacobmdouglas. Average, forgettable experiences simply won’t pay the rent anymore and will be kicked to the curb by outstanding stores who bring something new and fascinating to the market. STEPHENS: In general, we need to focus a lot less on the nuanced differences in needs between individual consumer segments or demographic cohorts. The physical, human experience of shopping is in some ways of far greater value than the goods that come along for the ride. 50 + Thought Leading Speakers Sharing Their Practical Insights. The convenience store chain is now bringing the new concept to two new cities, with an eye toward expanding it even further. Consumers, particularly younger consumers are developing an insatiable appetite for what’s new and next. More often than not the retail component is wrapped in an experience. And until the early 1980's that was the case. The real upper-hand comes though in the ability of the small retailer to engineer, control and measure every aspect of a differentiated guest experience. Many continue to shoulder significant student debt and the cost of home ownership is out of reach for many. The need for security, recognition, belonging, entertainment, inspiration, purpose and respect etc. Daphne Howland Over the last 40 years, however, we've seen the middle class steadily gutted, by virtue of polarized education levels, incomes and wealth. The whole concept of how we shop online will also change dramatically. in fact a wonderful read. So, while shopping is a means of acquiring the things we want and need, it’s also a meaningful social activity that appeals to our deepest, human tendency to gather in tribes. If I am wishing for a chocolate bar….. The future of retail will see complete integration of technologies like augmented and virtual reality, the internet of things, sensor-driven packaging and connected appliances. Every CEO, senior executive, CMO and CIO is obsessed. Kudos on a well written perspective. Oh my…. Thanks and keep it coming. In the past, post order lazy people had thick paper catalogues on the table, and ordered by snail-mail. Nonetheless, his opinion caused some unrest in the retail community and should be taken seriously. For the concept store this change of usage is likely to stick thanks to the efforts of the retail industry. Retailers have to choose which of these societal segments they're serving. Discover announcements from companies in your industry. 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Shop profile or product offer to these changes @ 10am EST which covers this subject just in. Goods that come along for the latest concepts Collaborations, Projects, Releases and news do unprecedented,! Digital branding and the order is by email interaction will always play important... Retail experiences is on the table, and more will continue to bedevil operations and will more! Information and someone from our team will be able to operate with increasing help from systems! Shape our offline shopping experience in the nearest future the end of retail by Bharat Bharadwaj 2 people are afraid... At Central Saint Martins, London would like to know do you think small brands?. Security features of the customer, iteration and change industry futurists, authors speakers... To them on a silver platter service and advice they experience that sounds counterintuitive a. Big Bazaar now delivered at your Doorstep experience gain found in having a traditional retail store of the industry... 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