Retail Apocalypse Or Retail Revival? Five Smart Ways Retailers Are Bucking The Trend

By Tom Buiocchi Forbes Councils Member Forbes Technology Council

COUNCIL POST | Paid Program Innovation

In case you haven’t noticed, fascinating things are happening in the retail world. The rules have changed, and it’s no longer about who can offer the lowest prices or the widest selection of products. Customer experience is king, and smart brands are adapting to attract more shoppers and entice them to stay longer.

While retailers like Payless and Sears have been shuttering stores, big names like Macy’s and Restoration Hardware are increasing investment in their physical spaces — and getting results. A growing list of digital natives, including Away, Adore Me and Casper also see a need to openphysical stores where customers can experience their brand in person. Who said there’s a “retail apocalypse?”

The fact is, people enjoy going out to shop. Despite continued growth in e-commerce, about 90% of goods are still purchased in physical stores. That means folks are getting off the couch, heading into town and buying stuff in person — even though they could easily click a button for same-day delivery. It turns out we like to get out of the house and handle goods before we purchase them, and perhaps mingle with our fellow species a bit, too.

But that doesn’t mean retail isn’t changing in important ways. Everlane, Ikea and Story (now part of Macy’s) are among a wave of businesses setting a new bar for customer experience, with polished physical spaces for shoppers. Others are putting technology to work in creative ways, not to invade privacy but to improve facilities, cut costs and make shopping fun again. Forward-looking brands are also diversifying with new locations, products and partnerships. This revival isn’t limited to stores, either: Banks, restaurants and theaters are also in on the act. (READ MORE)