Stores offer value beyond mere products by serving as community hubs
Implications - Tapping into the modern consumer's emotional need to connect to a larger cause, brands are beginning to re-imagine the retail experience as a place for building relationships and cultivating community. The re-positioning of retail destinations as centers of local culture also speaks to the consumer interest in seeking out opportunities for sparking real-world connections in an ever-increasing digital era.
Workshop Question - What would you do to transform a brick and mortar retailer into a more communal space?
Trend Themes
1. Community Hub Retail Destinations - Retail brands are repositioning their stores as local community centers to take advantage of the modern consumer's emotional need to connect to a larger cause.
2. Hybrid Retail Experiences - Brands are adding multiple dimensions to their retail experience combining products with experiential add-ons such as coffee bars, spas and virtual reality technologies.
3. Retail Community Kitchens - Retailers are offering commercial kitchens as a place for shoppers to meet, cook and host their friends and family.
Industry Implications
1. Retail Industry - The retail industry benefits from these trends as they are changing their ways to connect with consumers through localizing their stores and providing new and creative experiences.
2. Hospitality Industry - The trend of adding add-ons such as spas, cafes, and golf simulators to retail experiences offers opportunities to the hospitality industry to collaborate with retail creating unique spaces for consumers to visit.
3. Technology Industry - The trend of VR-powered hybrid retail experiences provides opportunities for the technology industry to work with fashion brands to provide unique customer experiences.
