With over 300 retailers declaring bankruptcy so far this year, many are wondering if this is the beginning of the end of brick-and-mortar stores. Beata Rycharski, Slalom retail expert, explains why this isn’t the case—if brick-and-mortar stores offer more than products.
Beata Rycharski | October 10, 2017
The retail landscape is changing fast. Online sales are growing by double digits, and brick-and-mortar stores are dead. Right? Wrong. Amazon recently acquired a pure brick-and-mortar grocery chain and is experimenting with several physical store concepts. Nordstrom is doubling down on its physical presence by opening its biggest store yet in Manhattan. And while some retailers are reducing their physical footprint, most haven’t divested in their stores.
Many retailers are improving their store experiences an inch at a time. But what they need to do is reimagine the mission of their stores and transform the in-store shopping experience to offer something unique that can’t be easily achieved online. Here’s how to do it.