While there is much talk in the U.S. media about a “retail apocalypse,” the NRF published an article, based on a report that was released by IHL Group, named “Retail Renaissance – A Growth Story,” pointing out, that [brick-and-mortar] retail stores “are definitely not going away.” Quoting the IHL report, the NRF wrote that “for each company closing stores, 5.2 are opening stores. For every segment of retail, there are more companies opening stores than closing stores. Even the much-maligned department store category has more brands opening stores than closing them.”
According to IHL, the recent wave of store closures is driven by just a handful of companies, with 16 retailers accounting for 73 percent of retail store closings to date this year.
Noting that consumer expectations are evolving, retailers must clearly invest heavily to improve the in-store experience. The NRF said that in the most recent edition of its Consumer View report, two-thirds of consumers had said that technologies such as augmented and virtual reality, smart dressing rooms and in-store navigation apps have improved their in-store experiences.
Read more about the retail renaissance on the IDEX website online HERE