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Plain Talk
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The Changing World of Retail
From The Buxton Co When it comes to shopping, we have more choices and more avenues to buy than ever before. We can drive to a big box store, get on the computer, use our phone, or even go to a specialty store like an Italian shoelace boutique. Retailers understand that consumers control the retail environment and that they have to reach shoppers through any and every channel possible. They need to satisfy all shopping preferences – from the in-store shopper to the online-only shopper – by making sure products are readily accessible from anywhere. Retailers must meet customers on their own terms in meaningful, engaging ways across all mediums in order to capture and maintain their attention. The pursuit of this goal is challenging retailers to take action, leading to a number of developing retail real estate trends. Is Bigger Always Better? In trends past, retailers fought to build larger and larger stores filled with merchandise. Today the reverse is true. Retailers are opening stores with substantially smaller footprints with the goal of reaching customers wherever they are in an attempt to increase market penetration and revenue. Bricks and Clicks: True omni-channel integration – with the physical presence and the online presence forming one coherent ecosystem – has never been more important for success. Both traditional brick and mortar retailers and online retailers alike know that physical stores give retailers the opportunity to connect and engage with their customers on a deeper level. The Bottom Line These are just two of many actions retailers need to explore in order to take advantage of the evolving retail environment. However, these two actions, as well as every other possible action, have one major theme in common – the customer. You see, regardless of whether actions are being taken for a better digital/omni-channel strategy or a better in-store experience, knowing who your customers are will be the difference between a successful outcome and an unsuccessful one. Because when a retailer is able to deliver an experience that meets their customers’ expectations, customers are happy. And when customers are happy, they spend more and become more loyal. When it’s all said and done, everything comes down to a pretty simple question – how are you getting to know your customers and what are you doing with that knowledge?
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