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The retail store is changing, “Brands need to be physical”

Snow-Queen-store-by-CampbellRigg-MoscowWe’ve seen a fundamental shift in the retail industry since the GFC and while many businesses are taking the leap into new territory, many have also been left behind or struggling to keep up.

But it’s not just about adopting omni-channel, many of the retail leaders are seeing success through innovation of the physical space.

We stumbled upon this interesting article that details 10 ways the retail store is changing and the results are fascinating.

“We don’t go to restaurants for nutrition, we go because we enjoy the atmosphere,” says futurist and consultant Doug Stephens. “It shows why players like Google, Amazon and eBay are talking about opening up physical locations.

“Brands need to be physical.”

The philosophy of the store is changing

The dominant purpose of the retail store has been to move product. With bricks and mortar the sole way to move money, inventory is the biggest factor in moving stock out the door.

That rule no longer applies, which means the purpose of the store is changing to something completely different. It’s still an important channel, but it’s only one of many.

You only need to look around and see how this is changing in Australia. Myer and David Jones realise this, which is why they’re changing how their in-store experience feels, while at the same time pumping up their online commitments. In some cases, Myer has closed stores altogether.

The purpose of the store in the overall make-up of business is changing – which means companies should be less eager to expand as quickly as possible.

To read more of this article, visit smartcompany.com.au

One thought on “The retail store is changing, “Brands need to be physical”

  1. Pingback: Can Myer and David Jones get online retail right? | Exposed online

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