November 11, 2011

Future Shopping Malls - and death of smaller outlets - Future Retail Tre...



For every retail outlet that opens in a new Mall, another has to close somewhere else - a corner store, high street shop, or market stall. Huge planning implications for town centres, following massive growth of big shopping centres. Impact on consumer choice. How small stores can survive and thrive in niche markets, competing against large retail chains and multinational super brands, by offering unique products and services with outstanding insight into what their customers want, and attention to detail. That means more than market research - a deep intuitive grasp of how customers think and feel, what they are likely to be drawn to. While high street shops are threatened by the big shopping Malls, the Malls too will be increasingly threatened in turn by severe online price competition, mobile price comparison. Expect the largest Shopping Malls, biggest retail centres to focus more on the total leisure experience, creating relaxing locations, entertainment, with a sense of theatre, destinations in their own right for all ages and for a wide range of interests. Shopping in physical stores needs to be a pleasurable, engaging experience which appeals to all the senses - touch, sound, smell, taste. Crowds matter: people watching is part of the fun of the shared experience - seeing what others are doing, what they are wearing, choices they are making. Future retail in physical stores needs to be very personal, since such outlets will tend to be undercut by online price aggregators. Clever branding, marketing and selling promotions will not be enough. Conference keynote speaker Patrick Dixon - giving presentation to UK retail industry on key high street trends and the future of ecommerce - for clients of Hermes.
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