Building upon offline stores’ legacy combined with new ecommerce experiences can help retailers grow.
20,000 US retail stores have closed in 2020, as per UBS and another 80,000 are slated to close down through 2026. However, this closure isn’t necessarily permanent, as retailers Century 21 and Lord & Taylor have shut down and reopened in 2020.
There is value in consumer affinity and intellectual property when retailers shut shop, notes Sarah Marzano, senior principal analyst at Gartner. Businesses should leverage this affinity to revive retail stores while fixing “what went wrong in the first place”, says Marzano.
Heritage brands try to fix the original problem and fail at enticing old consumers, according to Jess Vadino, VP of ecommerce at Reprise Digital. Retailers should have the right mix of analog and digital with less in-store inventory, while delivering more experiences to connect with consumers.
[4 minute read]