Experiential Retail: The Future of Brick-and-Mortar

As consumers shift more of their spend from products towards experiences, physical retailers need to evolve to capture that spend. The future of physical retail will see a change from “need-based buying” to “want based shopping” as need-based activities shift online and to auto-replenishment. In the long term, retailers will compete for more for consumers’ time as a leisure activity with experiences being a core part of driving traffic. In the short term, retailers will look to repurpose space made unproductive from categories shifting online to engage in activities that cannot be replicated in the digital world.

  1. What you will learn (takeaways for the viewer): 
    1. Why physical retail needs to change and which departments will see the largest impact
    2. Best in class examples of retailers adding experiences to stores and the impact those have
  2. Who are these insights for (target audience): 
    1. Category management
    2. Shopper insights
    3. Merchandising teams
    4. Format development

Mark Ravi, Research Analyst, Planet Retail RNG