As I have blogged in the past, the evolution of retail continues due in part to a new generation of shoppers wanting more than what stores in the past were accustomed to offering.
Technology has shaped the way consumers expect the servicing of their shopping demands and the delivery of their purchased products. This results in the hard fact that retailers must continue to change the way they do business.
The primary way to stay relevant in retail is to keep up with current shopping trends and to create an individualized experience for consumers that will keep them engaged and coming back. A good example of this model is the pop-up shop.
Pop-up shops, retail concepts that often test physical locations for the first time and are more temporary in nature, are not a new concept in retail, but they do offer new insight to what consumers are demanding.
Neighborhood Goods, located in Legacy West, is the best example of a “department store” that offers the ability for newer brands and concepts to market themselves through pop-up shop experiences.
Not only has this new wave department store provided a space for brands to showcase their products, but they have also integrated the community into their business by including an in-house coffee bar and restaurant and offering periodic events (podcasts, receptions, and showings) hosted by featured brands.
Neighborhood Goods has built a foundation on the future of retail by partnering with unique, emerging growth brands and creating immersive experiences for the consumer throughout the store.
The majority of customers now rely heavily on the internet to make purchasing decisions, but they are also still wanting to touch and try products before committing. Pop-up stores are allowing more and more online brands to do this by creating a direct to consumer relationship and offering unique products and fun experiences for shoppers.
By generating a buzz and a “fear of missing out” factor, they are driving more traffic both in-person and online and are proving to be successful in the long run. This is yet another example of why today’s successful retailer must flawlessly execute in both the physical and digital platforms of their business. Those retailers who do not will be the losers in this long-term game of retail.
Alan Shor co-founded The Retail Connection in 2004 and serves as its president and co-chairman.
