While it was surmised that the retail apocalypse would decimate the high street, as we explored in our macrotrend, Storefront Salvation, stores this year actually continued to open and succeed. This year has seen retailers reconsider the value propositions of bricks-and-mortar, as well as rethink the metrics they use to define a store’s success.
In some cases, new metrics such as impact on brand impression, inspiration per square foot and customer experience have taken precedence over metrics such as sales per square foot and year-on-year sales. In March, online fashion marketplace Depop opened its first store in Los Angeles, citing the main drive in going physical as marketing, rather than profit.
Previously, retailers have not taken enough of a considered approach to opening physical stores, but we will likely see this shift. ‘Too many retailers have used the scattergun effect – get in as many centres and streets as possible,’ Debra Templar, retail expert and founder of The Templar Group, told LS:N Global. Moving forward, Templar said retailers ‘need to be highly strategic in deciding where to open their stores’.