My 2 cents on the future of retail.
By now, it's clear to see that retail is shifting online and could even overtake physical shopping in the coming years. It's no surprise really, considering how consumers are becoming more and more tech savvy, impatient and smarter. The younger they are, the smarter shopper they are. They're almost always on their phone, whether it is to chat, or to scour their instagrams, or to search anything.
With more business realising this paradigm shift, smarter businesses are beginning to strengthen their online presence, built their online marketplace, and some even winding down some of their physical retail spaces.
But does that mean that physical retail boutiques are on the way out? And malls could be empty in the near future?
No one knows.
But one thing is for sure, if business are gonna offer the same thing online and offline, sooner or later they are gonna find that their offline stores would become irrelevant to their consumers.
So what is the future of the brick and mortar stores?
My take is that if businesses intend to keep their physical stores, it needs to tap into a whole different spectrum; one that provides customers an experience they cannot get online yet does not jeopardise their online business. Experiential shopping.
Project: Neon Hub
Your one stop sporting experience.
Idea: a large format retail space that combines-
1. multi brand sportswear shop-in-shop concept areas
2. A mini gym offering various gym equipments, with on site personal trainers
3. Tie up with sporting partners like Guavapass to hold frequent and varied master classes at the mini gym.
4. Lifestyle/ after gym brands and concept area to complete the sporting experience.
5. A food bar serving healthy food and drinks. It could be a pop up store basis for up and coming healthy food startups to introduce their offering to customers.
Location: major shopping malls, within the vicinity of family centric brands/ popular fashion brands where guys are always waiting outside such as padini, h&m, uniqlo.
1. To sell sportswear you must create a reason for customers to feel like they always need more sportswear- therefore, a gym and workout classes.
2. A place to work out/ hang out with other guys while waiting for the ladies to shop the mall down.
Don't just sell the product and hope your customers come back for the next 'in' launch. Sell an experience they cannot find elsewhere so they'll be hooked.