Gaurav Singh’s Post

Excellent insights in this Retail TouchPoints article featuring Kerry Lee. Kerry shares why a hybrid approach that combines engaging in-store experiences with a seamless digital customer journey is shaping the future of retail. 🛒🛍 Read the full article below 🔽 https://lnkd.in/g-ed8TD7 #InnovationInRetail #RetailInnovation

fantastic article form one of our retail industry experts. Give it a read if you're in Retail!

🍿 👀 FOOD FOR THOUGHT in this latest post from Nikki Baird for Forbes. 🙉 Would love to hear your take, LinkedIn fam. #retailquestions #storeinnovation #storetrends #brickandmortar #flagship #retailinnovation

What does the future hold for department stores? 🛍 🤔 Retail sector challenges have been hitting the headlines for all the wrong reasons for a good few years now, and the department store has seen a particular focus. But is the outlook as pessimistic as some would have us believe, or is there scope for a reinvention of this much-loved store format? Click the link below to read more on how the in-store experience is changing and evolving for department stores in this digital age. #DigitalTransformation #Retail

The transitory space retail is in right now as the purpose and stores in malls shift, for example, is prompting retailers to rethink their strategy. Read on to know why bigger retailers are downsizing store-wise. #retail #strategy #retailerstrategy https://lnkd.in/gCzSc6pe

Back To Bricks: Why Retail Strategies Are Returning To Stores. Who said the retail store was dead? Reports of its demise have been greatly exaggerated. Data from the United States shows retail foot traffic grew almost every month in the year to May 2024 compared with the previous twelve months. And the industry has refocused on the enduring value of stores as pillars of brand identity, sources of inspiration, convenience and competitive prices for customers. Read more here 👇 https://lnkd.in/eYeXBifQ

Being passionate about Retail, it was great to read about Currys and Superdrug investing in their store estate, both refurbishing existing and opening new sites too. In fact Currys are investing in 65 stores and having worked for that business previously, demonstrates the importance of aligning the store experience to the customer need, especially in todays omnichannel world. Superdrug is celebrating 60 years on the High St and plans to open 25 new stores this year, as well as extending seven existing stores and refitting 60 over the course of 2024. Simply changing the space allocation and flow by category and bringing in new ranges helps to align with customer need as well as increasing sales of course. Over time some of the core ranges may become overspaced relative to their sales contribution, equally some emerging ranges may be under represented not reflecting the potential to grow sales and market share in the medium to long term. Previously Currys stores used to be very unfriendly and hard to navigate with many using the old-fashioned herringbone store layout as opposed to perpendicular formations. Many of the products were behind counters and in cabinets making them difficult to access let alone try. Product spec on the tickets and POS was written to highlight features not benefits, confusing the customer further with ‘Core Duo’ this and ‘8 Ram’ that. Customers are seeking a much more hands on experience where products can be tried and handled supported with great advice tailored for their needs. Increasingly I believe, Retailers will need to create the benefits of shopping online in a store environment. This means easy access to video content, customer reviews, star ratings and more product information to help inform their decision making. Being able to compare features and benefits across different products at a glance would be useful too. I often compare stores to your home, if we don’t update and refurbish regularly then we won’t feel comfortable inviting guests round. As is the case with Retail, customers will always vote with their feet.

Retailers have to work hard to meet ever-evolving customer experience requirements in order to win and remain relevant. The COVID-19 pandemic upended the retail industry, forcing the closure of physical stores and causing uncertainty for the future of the in-store experience. These abrupt shifts left many retailers scrambling to effectively serve customers through other channels. Digital-first and omnichannel retailers pivoted more easily, but many retailers are now prioritising physical stores and face-to-face engagement. Retailers that reimagine their omnichannel approach to create a distinctive customer experience will maintain a distinct advantage. https://lnkd.in/edda5sFR

The historical evolution of retail store footprints is not just a reflection of change, but a dynamic shift towards creating experiences beyond traditional shopping. As the retail landscape continues to evolve, stores’ strategic location and format remain crucial in drawing customers and fostering spaces that double as social hubs. To stay competitive, retailers must embrace flexibility, integrate advanced technologies, and continually focus on enhancing the consumer experience. In an industry where innovation and adaptability are essential, those retailers who swiftly adjust to these changing dynamics are not just poised to succeed, but to lead the way in shaping the future of retail.

The historical evolution of retail store footprints is not just a reflection of change, but a dynamic shift towards creating experiences beyond traditional shopping. As the retail landscape continues to evolve, stores’ strategic location and format remain crucial in drawing customers and fostering spaces that double as social hubs. To stay competitive, retailers must embrace flexibility, integrate advanced technologies, and continually focus on enhancing the consumer experience. In an industry where innovation and adaptability are essential, those retailers who swiftly adjust to these changing dynamics are not just poised to succeed, but to lead the way in shaping the future of retail.