The Shape Of The New Retail Revolution [PSFK NYC 2012]
Rachel Shechtman, the founder of STORY, shares her insights about how the idea of the store must become an interactive, immersive space.
At the PSFK CONFERENCE NYC 2012 today, our diverse lineup of speakers are sharing valuable insights and ideas about technology, business and creativity.
Rachel Shechtman is the founder of Cube Ventures, a retail and marketing consultancy. She brings her strategies to life through STORY, a new physical retail marketing experience that has the point of view of a magazine, changes like a gallery and sells things like a store.
At today’s event, Rachel posed the question: Why Shouldn’t Retail Be Media?
After 10 years ‘dating’ a variety of brands (including Bliss and Diane Von Faustenburg), Rachel created STORY, a physical retail space with a point of view similar to a magazine, but converted into an experience with the products changing every 4-6 weeks. Launched in BETA mode (much like online brands), STORY ensures that story telling is the centrifugal force of the retail experience.
Rachel explains her idea:
I think we are ready for new models in retail – both for brands and consumers. As a technology savvy culture, we get news and information every second (and in other formats like daily newspapers and monthly magazines), yet most stores refresh goods four times a year and renovate after years. I believe it is time for all forms of retail to explore a more fluid format to mirror the rapid exchange of information in other areas of our lives.
She brought forward two hypotheses that frame her thoughts about the future of retail:
Hypothesis #1 – Consumer-side
The future of consumption needs to be about content and community. ‘Service’ has to be the ‘must-have. Content is editorial from a magazine. Community is events-based.
Hypothesis #2 – Brand-side
Retail advertising can be used in empty spaces in interesting ways. Sponsors that are relevant to the conversations at STORY add value to the community in exchange for capital.
For more insights from Rachel, check out PSFK’s Need to Know Magazine.