RETAIL RENAISSANCE Part 3: Hybrid Experiences 24th May 2021
At the end of the Middle Ages in Western Europe, the Renaissance emerged as an opportunity for new knowledge, techniques, and icons. Leaders were those who pushed into uncharted territory, disrupted the status quo, and created a vibrant culture of creativity and experimentation. With the UK high street decline reaching a fever pitch, it is time for a change.
A radical new vision will be required to redefine the role that high streets play in our lives.
While the future remains uncertain, people still crave enjoyment more than ever. Our recent research across leisure, retail, wellbeing, and hospitality, heightens this sentiment. Changes in consumer behaviour combined with the impact of technology and the effects of the pandemic have also rapidly affected the speed of change. Below, we explore the issues behind this retail apocalypse and the emerging solutions.
THE NEW MODELS OFFER RICHER STORYTELLING, SENSORY ENTERTAINMENT AND MEMORABLE EXPERIENCES.
Long before the arrival of covid, there was a significant shift happening in retail and hospitality. Increasingly discerning consumers were seeking out experiences that added value to their lives and delivered something more. We were also seeing real estate evolving by increasingly combining multiple sectors and services within one space.
From a retailer with café areas to a co-working office space with a gym and restaurant to a mall with a theme park. Real estate was being reimagined, as consumer expectation raised the bar for brick-and-mortar experiences, blurring the boundaries of different sectors and subsequently, creating the catalyst for urban disruption.
The new models offer richer storytelling, sensory entertainment, and memorable experiences. Moreover, the pandemic has reinforced that physical stores should no longer be considered the final destination in the purchase journey. Combining the strengths of both online and physical stores, orchestrating a holistic experience will make it possible to introduce a more compelling hybrid model that transforms the retail space into an experience centre similar to the ‘Live, Work, Play and Shop’ 12 storey complex that is Funan Mall.
WANT TO KNOW MORE ABOUT RETAIL TRENDS, AND HOW THAT MIGHT AFFECT YOUR BRAND?