2023 Will be the Year of the Store
After years of investing in digital and E-commerce capabilities, retailers and brands are swinging attention back to their bricks. A wave of innovation and diversification is set to crest in 2023 and stores will be hubs for much of the action. In this episode, Carol Spieckerman outlines the new motivations and models that will propel the year of the store forward.
In this episode you’ll learn:
Why store growth isn’t the main story (yet still in the mix)
How the wholesale heyday will drive direct-to-consumer
Why Amazon hasn’t redefined convenience after all
Why retailers’ top growth goals hinge on brick and mortar
KEY TAKEAWAYS
More retailers are leveraging new formats for multiple purposes. Stores will come in every size and shape, from super small pop ups to XXL flagships and stores that combine distribution centers.
The year of the store isn’t just about having more stores. Stores are becoming a top priority for retailers and brands. That doesn’t mean we won’t see a surge of store openings in the coming years – we will. In the meantime, even though some large retailers can’t justify accelerating store growth, others, like dollar stores and hard discounters such as ALDI, are a major exception.
Convenience has overtaken price as a decision driver for many shoppers but Dollar General, and to a lesser degree, Aldi, have defied the myth that Amazon redefined convenience as a purely digital experience. These retailers have also set a new standard by peppering the landscape with tens of thousands of highly-efficient small format stores that are run by skeleton crews.
New store openings are part of the story, but a wave of remodels and reconfigurations are on the way that go way beyond a fresh coat of paint. The store will be the core for a rush of innovations and digital capabilities that will be unleashed over the next several years.
Relevant Spieckerman Speaks Retail episodes:
