Malls may become a thing of the past as stores start closing their doors -- Macy’s, JC Penny and Sears have all announced they will be per mentally shuttering hundreds of stores combined. Are we witnessing the death of brick and mortar at the hands of online retailers? Maybe not thanks some clever tricks. Jimmy Rhoades and market researcher Pamela Danziger have three ways brick-and-mortar stores are hanging on.
1. Experiences Over Products
Grocers are finding their bread and butter beyond the bread and butter. They are making it look like we're in a bar, but in fact we're in the middle of a grocery store. This is actually where retail is moving, making it more about the experience.
2. Pop Up Shops
Target is a good example of a retailer that started the whole “Pop Up” trend. They didn't have a footprint in New York City, but they needed to be there so they opened for just a limited amount of time. Pop Up stores have become a very good way of testing retail concepts before they go national.
3. Online Vs. Reality
Retailers are blurring the lines between online and the real world. Walmart and Target offer online purchases with in-store pick up, but stores like Gap and Banana Republic have gotten in the game. Now you can shop online and try it on in the store -- the best of both worlds! Even Costco is piloting a program to deliver groceries to your door.
One of the more interesting things in retail is how many internet disruptive retailers are now opening stores. Amazon just opened its first brick-and-mortar bookstore in Chicago and is set to go public with a grocery store in Seattle.
So what's next in the world wild word of retail? Only time will tell.
Get some great shopping tips from Pamela Danziger’s book Shops That Pop!
Do you prefer going to the mall or shopping online? Join the conversation on our Facebook page, @TheListShowTV