In today’s hyper-competitive business landscape, retail stores have often struggled to stay profitable. From large big box retailers like Sears and Macy’s closing brick and mortar locations to invest money into online retail channels, it’s no wonder that the retail industry is due for a major comeback. And, with online giant, Amazon announcing the opening of new brick and mortar locations, retail space across the country will quickly become a hot commodity. In fact, experts estimate that retailers opened 4,080 more stores in 2017 than they closed, and this trend is slated to continue well into 2018, with over 5,500 more retail stores set to open.
With consumers moving away from what is convenient and more toward preferring a personalized shopping experience, retail stores have a unique opportunity to attract store shoppers like never before.
Technology Meets Retail
The digital landscape has changed since the early days of the Internet. Technology has become such a pervasive part of our everyday lives, from how we interact with each other and how we buy products and services. To stay competitive in 2018 and beyond, it will be important for retailers to find innovative ways to connect with and engage shoppers as they browse and shop in the store. By integrating technology into the physical store, retailers are better able to capitalize on the consumer’s willingness to buy by offering specific and customized information and promotions. According to a recent Forrester study, 2018 will be a pivotal year for retailers as they streamline innovative of technology into mainstream retail to give the traditional brick and mortar atmosphere a much needed 21st century upgrade.
In fact, economist expect that the retail industry, as a whole, will invest more in personalization this year than any other area of retail. This takes the traditional shopping experience from pushing a shopping cart to interacting with digital displays to receive customized messages and coupons.
New Opportunities for Growth
Through the next decade, millennial consumers are poised to redefine how the retail industry attracts and engages with a new age of customers. As more Millennials forgo an exclusively virtual shopping experience and, instead, prefer stores that offer a high level of personalization, retailers can strategically position themselves well to capitalize on this shift. The key will be in finding ways to enhance the ambiance of the retail store and offer a unique atmosphere that Millennials want to be in. The interior construction and installation services experts at The Beam Team recommend investing in lighting upgrades, installing lounge areas, incorporating interactive digital displays, and even providing complimentary WiFi as effective ways to attract this new generation of retail shoppers.
Are you considering upgrading your retail space to take advantage of this emerging trend?
If so, our award-winning retail refresh team is happy to help. Contact us today to see what you can do in 2018 to enhance your customers’ experience.