04 Oct Shifting the focus back to stores
StorIQ’s Managing Director, Amy Bastow, attended Future Stores Retail Congress last month. Here are her takeaways from the eye opening event.
We believe in stores…
It’s obvious that we are living through a period of tumultuous change in retail.
At StorIQ, we believe passionately that stores are the future of retail.
I’ve endured many dinner party conversations where people tell us we’re mad to be focusing on stores when everyone knows they won’t exist in 10 years’ time.
There’s no doubt that channel shift, business rates, excess space and consumer spending patterns are making life very difficult for retailers; particularly those with undifferentiated product offers or management teams struggling to cope with the pace of change.
But now, sentiment is changing. Here are a few examples from the last few weeks alone.
- The recent Future Stores Retail congress opened with a keynote titled “Offline is the new online…”. Leaving aside the issue of whether it’s sensible to think about channels rather than customers, or a new connected retail model, it’s a long time since stores headlined a retail strategy keynote…
- Everyone’s seen the picture of Jack Ma pulling a crab from a tank in his flagship Hema store (and if you haven’t – click here). There’s a lot to learn from China, not least about the vital role of mobile in joining the online and offline experience.
- “Resurgent bricks and mortar stores dominate 30 most popular UK retailers”; we’re not just saying that, it’s the headline from respected retail specialists OC&C’s recent study.
Even BA’s in-flight business magazine this month has a feature on the “comeback of in-store retail”.
We’ve always believed in stores, and we’re delighted others are beginning to come round to our way of thinking.
But delivering great shopping experiences means getting the detail right. Freeing up time and money to adapt to a super competitive market means productivity improvements are essential.
Which is where StorIQ can help. Click here to schedule a demo.