For years now, analysts have predicted that the rise of mobile technologies and the ascendance of e-commerce would result in the demise of brick-and-mortar retail spaces of all sizes. As retail went digital, the idea was, physical space would become redundant. But while pivoting to a new digital paradigm hasn’t been easy, the retail industry’s ability to adapt has been notable and impressive. In fact, as cities grow and new hordes of consumers flock to establish themselves in urban communities, opportunities for innovation are emerging that suggest brick-and-mortar may be the pillar of a new retail era.
Experience-driven retail: The rise of flagships, curated satellites, pop-ups, and concept shops
Urban consumers strongly favor the in-store shopping experience—with an emphasis on the experience. 18% of urban millennials expect to shop more in stores in the coming year than they did the last. When they do, they expect more than just a transaction. They want a unique experience that differentiates their spending and are willing to pay, on average, 31.6% more for it.