What will the retail landscape look like in just three years time? Jim Fielding of Fox Television shares his predictions…
1. A return to specialty
Expect a movement away from big-box retailing – people want to go back to niche stores.
Retail is not about product any more. Customers want a blend of products and experiences.
3. 360 lifestyle brand
It is all about the brand, not the product. Consumers invest in the name, so brand extensions are important (such as the Shinola brand, originally a watch and bicycle, and now extended into leather goods and clothing).
4. Mass and class
Blurring the lines between luxury and mainstream affordability, the Target and Tiffany effect is stronger than ever.
Shopping should be fun. Retailers need to capture that spirit.
Customers want to see the retailer’s point of view, what makes them individual.
There is room in retail for very edited, very specific stores with a distinctive presence. The one-off retailer has a firm place in tomorrow’s shopping line-up.
Perfect for the food retail scene: dishing up the unexpected, such as Starbucks serving wine in its cafes.
Shopping centres can bring recreational activities and a sense of play to the retail environment; retailers themselves can immerse the customer in the branded experience, and create interactive product showcases.
- Jim Fielding was a keynote speaker at the Inside Retail Live 2017 event