Following the COVID-19 pandemic and the rise of e-commerce, many have wondered how brick-and-mortar retailers will evolve and continue to appeal to consumers.
Despite several retailers having to close their doors, Forrester Research estimated that through 2023, 72 per cent of retail sales will occur in physical store locations, and store openings in 2021 were twice the number of store closures.
Given the forecast, how has brick-and-mortar retail evolved in the last year and what challenges may it still face from online shopping?
“I feel that retail is not dead, it is evolving. Pop ups offering experiences such as Louis Vuitton taking over the old Barneys on Madison Ave was a huge hit and resulted in retail shopping in the boutique conveniently situated near the exhibit entrance and exit. The immersive experience of these pop ups are intoxicating and a draw to locals and tourists. As a result of our technological advancements the retail industry has readjusted its focus to the customer experience,” said Rena Kliot, Broker and Founder of Pulse International Realty in the U.S.
In this video interview Kliot, discusses the current state of the retail industry in North America.
Kliot talks about the future of brick and mortar retail, how the sector has come out of the pandemic, key trends she’s seeing, international retailers looking to open stores in North America, the appeal of the North American market to international retailers and how inflation is impacting retail today.
The Video Interview Series by Retail Insider is available on YouTube.
Connect with Mario Toneguzzi, a veteran of the media industry for more than 40 years and named in 2021 a Top Ten Business Journalist in the world and the only Canadian – to learn how you can tell your story, share your message and amplify it to a wide audience. He is Senior News Editor with Retail Insider and owner of Mario Toneguzzi Communications Inc. and can be reached at mdtoneguzzi@gmail.com.
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