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Brick-and-mortar retail is facing challenges on all fronts. As consumers shift their spending from the material to the experiential, and online competitors offer increasingly interesting incentives, physical retail stores need to evolve to survive. While merchandise can be bought through a myriad of channels today, experiences and services remain exclusive to brick-and-mortar.
Leading retailers are rethinking their offerings, catering services to generate a new revenue stream, cultivate brand community, boost traffic and dwell time, and strengthen consumer loyalty. This research paper provides an overview of the evolution of physical spaces, and examines how retailers in different verticals are leveraging and designing services that organically complement their ethos and product assortment.
Published April 2020