It’s eerie how close we came to your vision. As retail continues to shift away from a simple method of connecting consumer with goods, to an experience and value driven event, it’s time to take a look at our stores. I find that retail wont die in a hurry. Burberry and Ralph Lauren invest lots of money onto digital branding and the use of high technology. Jacob Douglas @jacobmdouglas. Protests against systemic racism this year pushed retailers to take a magnifying glass to diversity, and many areas are lacking. Everything from manufacturing processes, shipping, logistics, inventory management, staffing, training and customer experience will be directly and dramatically reshaped by virtue of AI. The customer’s presence in-store is not only valuable, but critical to brand longevity. We’re obsessed with the future of retail. Macy’s is also making big investments in the concept but the fruits of that investment aren’t apparent yet. Over the last 40 years, however, we've seen the middle class steadily gutted, by virtue of polarized education levels, incomes and wealth. And yes, this is ‘rubbing off’ on the retailers themselves too as the space owners offer more flexible leasing terms and less stringent legal ‘do’s and dont’s’ within the retail unit space! Exactly Mark. In a contracting market, there will be increasingly little room for sameness. The “supermarket of the future” concept was developed by IT professional services firms and Microsoft partners Accenture and Avanade and relies on readily available technology. But, until recently, the retail environments have been too much about ‘shifting product’ and very little about giving the customer a brand experience they can relate to personally and consequently remember and share! Hi Doug. The whole concept of how we shop online will also change dramatically. Network with major in-store retail players via our app to make new connections and build lasting relationships . Many of the big future retail trends – personalisation, customisation, curation, experience, community – are a defining part of the concept store idea. This website uses cookies to improve your experience. If I get asked on a date the friday night and realise I need a new outfit for saturday night, yes I may search the web that night but am I going to get the outfit delivered the next day? I think everyone needs to stop thinking of Online Vs Offline. Attract customers with in-store … We'll assume you're ok with this, but you can opt-out if you wish. As more people start to play around with them and incorporate them into their stores, we may start hearing the words ‘concept store’ even more. In essence, media (in a variety of forms) is becoming the store. For any retailer calibrated to serving baby boomers for the last 30 years, it means a complete overhaul of the business and a rethinking of their customer experience. Daggers almost flew out of their eyes at me! Now my unfiltered response: I believe that AI will be the most profound technology of the next century in retail. To begin a relationship – a dialogue that may play out in any number of buying channels; online, in-store, mobile or elsewhere. Can Ryan Cohen Work His Chewy Magic At GameStop? Symphony RetailAI has identified key trends for reinventing the grocery industry with “Supermarket 2020” findings. Celebrating its 25 th anniversary this year, 10 Corso Como’s1200sqm of space incorporates a bookshop, gallery, store, café/restaurant, and three room hotel. In a retail landscape where experience is increasingly key to customer enjoyment, Sephora's store concepts are tech-heavy and service-oriented in a … The “retail apocalypse” that has seen over 8,000 store closures is proof that businesses quickly need to adapt to a change in consumer behavior to survive. What's the future of retail? We've seen labor unions weakened and blue collar work relegated offshore or, more often, to technology. Right? See more ideas about concept store, retail design, design. Good question. Doug- It doesn’t matter where purchases take place. In a retail landscape where experience is increasingly key to customer enjoyment, Sephora's store concepts are tech-heavy and service-oriented in a … Solid examples are hard to come by. And eventually the dissonance between the company, its employees and its customers becomes fatal. Concerning retailers, they may be able in the end to supply consumers with better-quality contents and use social networks a more efficient and personal way than pure players or big chains. Amazon Go, the cashierless retail store of the future, has some new competition. For most retailers, the… second decade, a time of reckoning for retail, we asked for his view of the industry as the next 10 years unfold. The sporting goods retailer just launched two clearance-based store concepts in June. Very insightful. We've become obsessed with segmenting consumers into "personas" or "archetypes," each with sometimes diametrically different needs. What's the future of retail? So let’s try and outline 10 innovations in retail that will shape our offline shopping experience in the nearest future. Only valuable, but critical to brand longevity, e-commerce and broader economic trends continue to shoulder significant debt. 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