Page 40 - July 2021

sPeCial FeatuRe: stoRes oF tHe FutuRe
ext
The Next
The N
F r ontier of R
Frontier of Retail
The world of retail is always
changing, but the last 18 months
has seen monumental change in the
industry as it deals with the fallout
of the coronavirus pandemic. While
many retailers have had to change in
the short-term, the lasting effects of
Covid-19 will be reflected in retail
stores around the globe in the long-
term as the role of retail stores will be
redefined.
40 Retail & leisuRe inteRnational JulY 2021
etail
ven through the rise of online and the many people that
have said the physical retail store is on the way out, over
65p in every £1 is still spent in actual stores according to
Ethe January ’21 ONS Retail Report. Taking everything into
account, this is still a phenomenal amount and immediately highlights
how important the retail still is, and will be in the years to come.
What will inevitably happen, and there is no doubt that it needed
to happen even before the onset of Covid-19, is that the retail store
of the future will change and it will look different as retailers contend
with changing consumer wants and needs in the new normal.
What is the store of the future?
While Covid-19 has undoubtedly accelerated the rise of e-commerce,
there will always be a place for bricks-and-mortar retailing. What the
pandemic has done is accelerate future retail trends as businesses
across every continent look to adopt new services and technologies.
In her article entitled ‘Six Predictions for the Future of Retail’, Rosalyn
Page highlights that while the crisis has shuttered many high street
stores and seen retailers and consumers flock to e-commerce, a
return to physical stores will happen and with a new emphasis.
Natalie Berg, Retail Analyst and Founder of NBK Retail comments:
“There will be fewer, but far better stores. Bricks-and-mortar
retail will become a high-touch, sensory-driven experience. There
is an opportunity for retailers to start innovating with the physical
space again.”