I’m sure we’ve all heard some stores near us closing down. Chains like Toys R Us & Sears, used to be mega brick & mortar stores that would pump out millions a year. But with online shopping sites like Amazon and Ebay, physical stores are finding themselves struggling to beat plan. I’ve worked in retail for almost 5 years, so I’ve seen my fair share of managers scrambling and pushing associates to sell sell sell.
But online stores are not the only thing to blame for the decline of people walking into shops and boutiques. Millennials are spending their money on experiences like travel and activities. So my question is…is retail really dead?
In my opinion, it isn’t. Just because stores aren’t making money, doesn’t mean we aren’t spending money. I noticed a trend, where most of the people these days like to spend their money on experience. And unfortunately, most brick & mortar stores lack just that.
Great customer service isn’t the only experience you should give inside the store. I think that brands need to give their consumers something to do in their stores. Whether it be a self checkout system, or even adding a bar in the store. Great examples of brands that offer experience is Target or Wal-Mart, where they offer self checkout and in store pick ups. Or even Nordstrom where they’ve recently been putting a bar or restaurants in their department stores. We all know what customer service is, so what else can theyboffer? I find that they need to offer better interactions with their consumers. Interactions with a sales associate isn’t enough anymore.
If more stores can offer things that customers can interact with, then I’m sure they’d be making more sales in the long run. Lululemon offers yoga classes in their stores and they are making great numbers!
Of course brands that charge higher priced products like Hermes and Chanel, don’t have to worry because they’ve built loyal clientele who don’t mind spending thousands of dollars to keep the brand in good standing.
What I’m basically trying to say is, companies need to give us a more interesting reason to visit their stores. Walking into a store and having a person greeting you, waiting to assist you, doesn’t cut it anymore. So, retail isn’t really dead. Retail just has to learn how to adapt to what we spend our money on and move forward. The old retail used to be clothes and accessories, but the new retail is activities and experience. If they learn how to jive all of that together, then I think retail can prosper on and on.
And as always, thank you for joining me! I hope you found this post interesting. Let me know what you think retail should do to stay alive! I’d love to hear your input.