Retailers implement store re-designs to add value
Implications - In an effort to increase the perceived value of products without raising costs, many retailers are premiumizing their space. These image updates, no matter how slight, succeed in offering an upleveled shopping experience that transforms the merchandise from "discount" to "great value." This progression speaks to the importance of in-store experience when it comes to consumer perception of value.
Workshop Question - Choose three random pieces of copy from either in store or on your website. How could you change these phrases to better exemplify your desired consumer experience?
Trend Themes
1. In-store Experience - Retailers are investing in creating unique in-store experiences that enhance the perception of value for customers.
2. Accessible Discount Store Formats - Retailers are implementing innovative store formats that increase accessibility to discounted products for customers.
3. Upscale Discount Store Experiences - Retailers are balancing low prices with high-end in-store experiences to provide added value without changing their production and distribution approach.
Industry Implications
1. Retail - Investing in creating unique in-store experiences and innovative store formats can increase customer loyalty and enhance brand awareness for retailers.
2. Discount Shopping - Implementing an accessible and innovative store format increases accessibility to discounted products, which is more appealing to bargain shoppers.
3. Fast Fashion - Balancing low prices with high-end in-store experiences appeals to the demographics that typically buy fast fashion products.
