It is nearly impossible to get through the day without hearing about a new advancement in technology. Whether it’s driverless cars or new medical equipment, our technologies are making us faster, quicker and more accurate. To stay afloat in today’s markets, companies and their employees need to be at the forefront of innovation and efficiency, or they risk a near certain failure.
This technology crunch rings especially true for the retail industry. Countless retail giants have faced closures, bankruptcies and layoffs through a failure to adapt to the market and to draw patrons to their stores. However, this lack of innovation by some has created opportunities for a range of new market entrants and forward-thinking brands, retailers and shopping centres to establish or gain market share.
As such, despite the common headlines predicting ‘the end’ for bricks and mortar, there simply isn’t the evidence to suggest that this is the case. Rather, the reasons for consumers to choose to shop offline has changed and there remains a clear opportunity for those retailers prepared to respond in kind. For 2018, expect accelerated market capture from shopping centres, precincts, brands and retailers who’ve accepted this change, embrace technology and truly understand their customers.
The top five trends that will shape success stories for brick and mortar retail in 2018 are:
1. Make or break it with data and technology.
2. The experience of offline retail.
3. E-commerce brands will drive brick and mortar growth.
4. Creative leasing models.
5. E-commerce will shift tenant requirements and retail infrastructure.