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- Less stuff and more experience – K3 Viewpoint
Experience-led retail is without doubt the future of the physical store. The days when a trip to the shops would inevitably end up with people returning home laden down with bags of stuff look to be numbered.
The combination of increasing online sales, and the trend for younger consumers to be buyers of social media-friendly experiences rather than more physical goods, is fuelling changes in the retail industry.
Although the experience-rich phenomenon is not necessarily evident when walking down London’s Oxford Street at the festive time of the year the reality is that more square footage in retailers’ stores is now being devoted to experience-led activities.
Around a third (36%) of retailers now host events, classes, and other such experiences, according to recent research from Barclaycard. And another 19% plan to start doing so in the next three years. Their investments in these activities are ramping up significantly – with an increase of 113% planned over the next 24 months.
Read the full article from the Retail Insider here.