future of retail space

The liberalisation of planning policy to enable greater flexibility in the change of use from retail to other purposes provides planners with the … Credits: nmedia/Shutterstock.com. “There’s an opportunity for retailers to start innovating with the physical space again.” ... Future retail trends will see “retail theatre” develop at this time. In 2025, more retailers will tap into local communities, developing hyper-personalisation and hyper-localisation to attract consumers with suitable offers. span { All Rights Reserved. This new, free report, aims to address those questions. Hit the button below to get your free copy and start getting ready for the future – because physical retail isn’t going anywhere, but it is changing. At present, Future Group boasts a nationwide network of 930 outlets, with a total retail space of over 13.6 Mn square feet across 255 cities.. “Consumers are increasingly using social media to engage with brands across the entire customer journey, from discovering new brands and products to writing reviews, comments and feedback.”. Arizona can expect healthy future for commercial office space . Just recently, the topic of The Fourth Industrial Revolution (Industrial 4.0) triggered my imagination about Singapore’s future retail space – as one where brick merges with digital. Raconteur Media, 2nd FloorPortsoken House, “2021 will point to the future when retailers will do your shopping for you,” he says. Only select midcaps have participated in the rally; and they too were the ones that usually have high market capitalisation and valuations, they said. A 2018 study from CB Insights revealed that private label sales are soaring. All rights reserved. However, Berg warns that mediocre 2020 players won’t survive the pandemic and are unlikely to return as traditional retailers. 155-157 Minories, Aldgate, London, EC3N 1LJ. “Social commerce can combine the personal touch consumers used to find in a store with the convenience of an online purchase,” says Luis Baena, principal at Oliver Wyman. Award-winning journalist covering tech, marketing, business and culture, with stories published in Which, HomeWork, CMO, Choice and specialist publications. “There will be fewer, but far better stores,” she predicts. India is the world’s fifth-largest global destination in the retail space. } However, the desire for retail experiences is on the rise with millennials saying 52% of their spending goes on experience-related purchases. Models have been shaken up, new formats have appeared, and a new approch has been needed. height: auto; The future of retail will see complete integration of technologies like augmented and virtual reality, the internet of things, sensor-driven packaging and connected appliances. Meanwhile, fears of office space stagnating and rental relief requests are not surfacing in many regions, the panelists said. These are as a transactional hub for immediate consumption, as an experiential venue and as a showroom to communicate about the brand and support online sales as ecommerce fulfilment points, according to Kanaiya Parekh, expert retail partner at Bain & Company. The future of shopping is shopatainment, which is the combination of entertainment, commerce and content. Space, Place and the Future of Retail brings together leaders from the retail real estate, retail and technology industries: Everything and everyone you need to know in one great place and two indispensable days! The transformative power of virtual courts, Legaltech can bring empathy to life’s hardest situations, Legal Twitter is using social media to do good. By Brian Carvalho, Editor, Forbes India. As with the inaugural round of the survey, our September study was completed by senior-level global real estate executives who provided insights on how sentiment is shifting about the location, design and use of office space. Future Retail operates some of India’s most popular retail chains that inspires trust through innovative offerings, quality products and affordable prices that help customers achieve a better quality of life every day. The group also has a notable presence in integrated foods and FMCG … display: flex; Well, the concept of Industrial 4.0, to my understanding, is the fusion of … What does the future of retail space look like? } [maxbutton id=”10″ url=”https://www.insider-trends.com/free-future-of-retail-space-report/” ]. Virtual reality will enable customers to browse, interact with and read information about products in a virtual environment. Analysts said the rally in the midcap space has been polarised. “This kind of AI-to-AI integration will result in automated supplier-customer sales negotiations in closed business-to-business digital marketplaces and upstream integration with suppliers of raw materials and financing solutions.”. Experiential retail is the future. Parekh predicts new digital solutions will enable retailers to meet rising customer expectations. Bhyat says in 2020 some retailers are recreating that experience at scale using data-driven algorithms taking in hundreds of factors to drive hyper-personalised offers and service for national retailers. stroke-width: 0.5px; height: 35px; Survival of the fittest: The future of retail spaces According to a survey by Mintel, 92% of internet users in the UK have shopped online. “Social commerce will increasingly become a powerful tool for small brands to access their well-targeted customer segments and make them able to compete with large brands,” says Baena. For years we’ve seen the role of technology within the retail sector expanding in a variety of ways. display: inline-block; Naysayers see this as a batle between bricks-and-mortar and online retail as though there can only be one winner in the batle for survival. The 2020s will be a decade of disruption; COVID-19 was just the curtain opener. “In lockdown, retailers have recognised the need to connect online consumers with in-store staff and this will become more of an opportunity to differentiate and develop customer loyalty through superior service,” says Berg. By mid-decade, the conventional retail model of just hanging rows and rows of clothes on hangers and supplying a couple of changing rooms and a mirror will be on the way out. “In 2030, sales channels will include virtual reality and fulfilment will include drone delivery,” says Bhyat. Mountains of food and clothing get destroyed each year due to the difficulty of predicting what customers will want and when,” says Quantium’s Bhyat. In F… CBRE Research recently completed the second installment of The Future of Office client survey. } “Digital kiosks, powered by artificial intelligence (AI), at fast food restaurants, equipped with automated facial recognition, will let customers navigate the menu, self-order and use contactless payment,” says Parekh. Volume of retail space to be added over the next 5 years by region With the likes of Debenhams and House of Fraser closing stores, landlords can reconfigure space vacated by the department store anchors and Medium Size Units (MSUs) such as BHS and Marks & Spencer, without the need to add more space through extensions. “There’s an opportunity for retailers to start innovating with the physical space again.”. Below are other articles from our blog that cover similar topics: You can unsubscribe at any time. BloombergQuint Missing BloombergQuint's WhatsApp service? Future Retail, one of the leading retail chains in India, has increased its retail floor space by 3 lakh square feet to 1.3 cr square feet during the April-June quarter this year, said the company. Data that feeds into personalisation will hone the ability for retailers to suggest offers and content to consumers right at the moment of consideration. “Stores used to be run by people who would gauge how much of each product they needed. For years we’ve heard about the decline of physical retail and the rise of the internet. The future of physical retail is a contentious issue that has polarised opinion; some believe it is only a matter of time before its demise while others believe there is still very much a need for physical shopping space. “They will seek to collaborate with more progressive suppliers and potentially look to integrate supplier and customer AI capabilities,” he says. While the coronavirus crisis has shuttered many high street stores and seen retailers and consumers flock to ecommerce, physical stores will be the focus again, but with a new emphasis, by late-2021. When it comes to the effect on future retail trends of social commerce, it will be a leveller between large brands and challenger brands. .account__link { Brands will enable customers to move from offline to online, while providing a personalised experience. Technology. flex-direction: row; CULTURE CLUBS. The trend towards hyper-personalisation could see more retailers deliver a “white glove” service in a digital way to meet rising customer expectations. “Consumers have come to expect fast and free delivery and returns, and then post-COVID; it’s about immersion and discovery,” says Berg. Big Bazaar, our flagship chain is regularly ranked among the most … Future Retail makes every effort to delight its customers, tailoring store formats to changing Indian lifestyles and adapting products and services to their desires. Future retail trends will see “retail theatre” develop at this time. Below, let’s take a look at what retail automation is and tactics you can consider now and in the future for your own retail business. In contrast to the excess of physical retail space, we’re also seeing an immediate need for warehouse space. Future Retail creates future scenarios in lifestyle, value, home, digital space and facilitates socio economic development for our customers, employees, shareholders, associates and partners. How has sentiment around the future of office changed as COVID-19 persists? The coronavirus pandemic has accelerated future retail trends as many businesses rapidly adopt new services and technologies. Produced in association with the International Council of Shopping Centers (ICSC), it explores what the role of the physical store is in the digital-first retail future. This includes contactless payments, reducing physical touchpoints, and expanding and simplifying click and collect. Instead of mountains of waste, data and AI will predict stock requirements, thereby limiting wastage and reducing the impact on the environment. The concept of future retail is constantly evolving. Future retail trends will see stores evolve and follow the example of Starbucks and Nike to play three roles. There’s no denying that the world of retail has changed massively in recent years. What does this mean? } As the decade started, ecommerce was focused on reducing friction and aiming for a seamless experience, but it will move to being more engaging and immersive. Berg also says physical stores will need to become frictionless in more ways than one. Space, Place and the Future of Retail brings together leaders from the retail real estate, retail and technology industries: Everything and everyone you need to know in one great place and two indispensable days! For the future of retail, thoughtful technology integration and the creative reuse of space will be at the forefront. “A resurgence in shopping malls, offering a richer range of experiences by blending retail, music, dining and entertainment will take its place,” says Hames. Promoters own 42% in Future Retail, which runs hypermarket chain Big Bazaar and neighbourhood grocery chain Easyday Club, but 75% of the holding is pledged as on June 30, 2020. If you want to lease a property to us, have any feedback or investor related query, please write us at the email addresses displayed in the page. In Arizona, they report seeing an uptick in interest for relocations and expansions from a mix of industries: technology, healthcare, manufacturing, insurance, pharmaceuticals, financial technology. The decline of retail around the world is opening up space in urban areas. The brokerage said only 9% of the overall retail falls in the modern retail category could grow to 12% by FY20F (forecast) as incomes rise and urbanisation increases. […] © Copyright 2021 Raconteur. Bricks-And-Mortar retail will become a high-touch, sensory-driven experience, ” says Bhyat customers to move from offline to,... And strength of its private labels in Singapore 12 February 2016 / by Shuyu Sun / /! To life today and technologies, Berg warns that mediocre 2020 players ’. Will predict stock requirements, thereby limiting wastage and reducing the impact on the body scans ’... By virtual and augmented reality this as a customer, they ’ ll predict your and. 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