What: A US-based contribution to how physical retail is here to stay.

Why it is important: Although the view is very US-centric, most of the points mentioned (which are not new) apply to most retailers in the world and make it clear that stores still have a future even with online businesses growing.

The article emphasizes the continued importance of physical stores in the retail industry despite the rise of online commerce during the pandemic. According to the contributor, retailers should reset their store strategies to capitalize on growth opportunities. Key points include:

1-    Being strategic about store locations by leveraging data on foot traffic, sales, and customer demographics.

2-    Focusing on strip centres and freestanding small-format stores rather than underperforming shopping malls.

3-    Using data analytics to tailor store layouts, services, pricing, and product assortments to local catchment areas.

4-    Reinventing stores as multipurpose destinations, offering experiences alongside shopping, and integrating online and offline channels for seamless customer experiences.

5-    Recognizing the role of physical stores in legitimizing brands and building relationships with customers.

6-    Gaining insights into local preferences and purchase patterns from stores to inform various aspects of the business.

7-    Investing in retail workforce to ensure they are skilled and motivated, and providing platforms and applications for better employee connectivity and customer experiences.

Physical stores remain critical in the retail industry, and reinventing them to adapt to changing consumer behaviours will be essential for future growth.

Resetting the store strategy