RETAIL’S PACE OF CHANGE
Given the global economic backdrop, it would be reasonable for retailers to adopt a cautious approach, pausing their expansion plans until the future has become clearer. However, many retailers have chosen a different path. Instead of retreating, they are maintaining commitment to their growth plans, recognising that the pace of change within the sector is accelerating and that they need to maintain momentum to drive future success. Confident innovation has been the cornerstone of how retailers have navigated every shift in consumer expectations over the last 20 years, making this sector uniquely adaptable. In some respects, current economic volatility has added to, rather than detracted from, the sector’s transformation. The central tenet for retailers continues to be elevating their brand. There are numerous ways to do this in both the digital and physical realms. Indeed, the distinction between the two is becoming ever more blurred. Omni-channel retailing is now a given and “unified commerce,” where there is seamless blending between physical and digital experiences, is increasingly expected. The next frontier is “retailtainment” where brand ambassadors and influencers alike demonstrate products to live social media audiences. Clearly the retail store remains a key component. Studies continue to reinforce the importance of physical space to provide experiences that tie customers more closely to the brand. Mango has introduced digital fitting rooms, where customers can select their music and lighting to create a personal experience. Pop-ups have continued to evolve and become even more “Instagrammable” to build wider brand growth and deeper consumer penetration. Group experiences have also seen a significant rise. RH (Restoration Hardware) is renowned for its high-quality restaurants, while brands like Coach and Hugo Boss have opened exclusive cocktail bar and champagne cafes. Meanwhile, Audemars Piguet (AP) continues to add more AP House private client lounges across the world.
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CUSHMAN & WAKEFIELD
MAIN STREETS ACROSS THE WORLD 2025
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