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For the last couple of years tales around retail apocalypse is being circulated in the market. Well! We cannot deny the fact that brick-and-mortar retail has been undergoing a serious crisis, as retailers proceed to shut shops and indeed record for liquidation at disturbing rates. Brands that were family names decades back presently terminate to exist. It certainly looks like Amazon and the e-commerce transformation have done more than draw blood; it shows up as even though they've struck a deadly blow. But all said and done, we are still missing an important part of the story. Retail isn’t dead! it’s essentially advancing. The brands that are battling are those that clung determinedly to the ancient ways of doing commerce and denied to acknowledge the changes taking place around them. Retail does have a future; Indeed - a shinning one - and the victors of tomorrow are contributing to creating ‘Destination Retail’.
Evolve or Perish:
Brick-and-mortar brands those who won’t evolve will eventually perish. But it’s also likely that digitally native brands that don’t evolve won’t make it big either. It doesn’t matter, which medium you are operating on, the future of retail isn’t about channels, it’s about delivering an exceptional experience to the customer - wherever he or she may be.
The new-age brands are obscuring the lines between online and offline by putting the client at the centre of everything they do. Conventional retailers are increasing their in-store involvement with all sorts of advanced added substances to form a consistent shopping involvement. In the interim, numerous carefully local brands are taking their offer to the boulevards through pop-up shops and a few changeless locations. Brands that are succeeding within the new retail environment are centred on conveying the most excellent conceivable involvement for their client, not on how to drive buys. What these brands get it is that buys will come - exchanges are a normal byproduct of amazing client involvement. The retail brands are moving ahead on customer experience spectrum and turning their stores into destinations. Conversely, many digitally native brands are taking their exceptional online experience and delivering it in real life.
How Retail Realty players are upping the ante:
Retail Realty players are now offering up-and-coming retailers flexible lease terms, helping the retailers to design their spaces and promising other sweetened benefits to entice them to move into their properties. As digitally native brands test the physical retail format and learn how to deliver their online experience offline, pop-up shops are increasingly gaining in popularity. According to the current trend more and more digitally native brands will be taking up space in shopping centres and will leverage the same commerce experience they are known for online!
Location of the malls will change:
The new –age malls are also moving to the downtown or suburban areas and will emerge as the destination centres. The rise of concept malls, outlet malls or big FEC centres that provide retailtainment aspect in the mall is gaining traction in India, as better connectivity and infrastructure development have made travelling hassle-free in the urban areas and people prefer to have cities that are socially wealthy, well-managed, unsoiled, congestion-free, have a faultless organization, with getting to simple portability. Cities which are filled with essentialness, incredible foundation and favoured with excellent scenes need to keep high traffic/footfall zones on the peripheries. These are the factors that have made the concept of Out of town malls such a hit in the Western world, the same concept is now been replicated even in India as it offers a better shopping experience.
Creating a ‘Destination Retail’ is easier said than done, as it’s not just enough to simply create a space that consumers will be drawn to, the destination must also match your brand experience and deliver on customer expectations.
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