Gloom and doom. That’s what we’ve been hearing for several years now about the future of retail. But retail is not dead. It’s changing, it’s evolving, but it certainly does not have one foot in the grave.
Yes, almost 10,000 stores shut their doors in 2019 alone. CNN Business states that although online shopping is one culprit, aging malls and consumers who “demand more from their shopping experience” are also contributing to this changing landscape.
A number of trends are driving retail today. The National Retail Federation has identified six trends, including offering shoppers a true “experience” and the use of devices and AR to drive retail purchasing (think scanning a wine bottle to take a tour of the vineyard, see reviews, and more).
And in areas where there is a captive audience, bored, with not much to do, retail shopping is thriving! Think airports. As this article from Quartz states, “Because air travel is more accessible than ever to the average person, hordes of tourists are commuting through airports with time to kill and money to spend before flights.” So next time you fly, help keep retail alive and buy yourself (or someone waiting for you at home) a cool gift!