Devices such as facial scanners will analyse skin to suggest personalised care based on individual needs and prior experiences. Development of partnerships between different retailers, from hairdressers and spas to clothing retailers and office supplies, will see ‘unlike’ providers collaborate as part of a blended retail experience. Well, the concept of Industrial 4.0, to my understanding, is the fusion of … The trend towards hyper-personalisation could see more retailers deliver a “white glove” service in a digital way to meet rising customer expectations. Future of retail As Alibaba's Jack Ma sees it, data and technology will transform retail, not just online but offline too. “Consumers have come to expect fast and free delivery and returns, and then post-COVID; it’s about immersion and discovery,” says Berg. We will be the … display: flex; } Consumers will have seamless shopping experiences through social platforms in 2030, shrinking waiting time for customer service queries with smart chatbots and bringing highly personalised experiences through user-generated content. Analysts said the rally in the midcap space has been polarised. 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. “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.”. 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. Meanwhile, fears of office space stagnating and rental relief requests are not surfacing in many regions, the panelists said. height: auto; Raconteur Media, 2nd FloorPortsoken House, For years we’ve heard about the decline of physical retail and the rise of the internet. CBRE Research recently completed the second installment of The Future of Office client survey. However, Berg warns that mediocre 2020 players won’t survive the pandemic and are unlikely to return as traditional retailers. The Government has developed policies to drive the growth of town centres and has pledged to consult on planning reform to make it easier to create more homes, jobs and choice in town centres. This new, free report, aims to address those questions. India is the world’s fifth-largest global destination in the retail space. The 2020s will be a decade of disruption; COVID-19 was just the curtain opener. Prompted by COVID-19 a decade earlier, which helped propel online retail towards true omnichannel social commerce, discrete sales channels will have dissolved. 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. Here’s what to expect in 2021, 2025 and 2030. 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. span { “It allows them to engage the people they serve not as demographics or segments, but as individuals and at scale. The decline of retail around the world is opening up space in urban areas. It expects Future Retail to grow faster than the market based on its brand equity , national presence and strength of its private labels. “We will experience our own version of the Roaring 20s,” says Natalie Berg, retail analyst and founder of NBK Retail. While some brands are capitalizing on the opportunity to sell directly to their end … Instead of mountains of waste, data and AI will predict stock requirements, thereby limiting wastage and reducing the impact on the environment. This includes contactless payments, reducing physical touchpoints, and expanding and simplifying click and collect. 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. Our aim is to maintain the momentum of topline growth through continuous efforts to increase store efficiencies and productivity … The future of big retail needs to be friction-free and focused 100% on the customers' experience. In contrast to the excess of physical retail space, we’re also seeing an immediate need for warehouse space. 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. “Stores used to be run by people who would gauge how much of each product they needed. In reality, we live in an omni-channel environment, where both the This vision for the future of retail space can be applied to the UK. The transformative power of virtual courts, Legaltech can bring empathy to life’s hardest situations, Legal Twitter is using social media to do good. “2021 will point to the future when retailers will do your shopping for you,” he says. The company has increased its floor spaces in nine cities which includes Hyderabad, Pune, Mumbai, Indore, Nellore, Gaya and Keonjhar. The stores that thrive will need to tap into emotion, human connection, discovery and community. 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. One of the key future retail trends, personalisation engines will become more sophisticated by the end of 2021. 155-157 Minories, Aldgate, London, EC3N 1LJ. In fact, the global retail automation market is expected to be worth more than $19.5 billion by 2024. Zayas is known for his revenue growth strategies and visionary leadership in the eCommerce and retail space. “In the old days, people visited local shopkeepers who knew them by name and could predict their needs based on what they wanted through a personal relationship,” says Riyadh Bhyat, head of Quantium in Europe, Middle East and Africa. 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. “A resurgence in shopping malls, offering a richer range of … “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. All Rights Reserved. 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. While COVID-19 has undoubtedly accelerated the rise of ecommerce, there will always be a place for bricks-and-mortar retailing. 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. Signup, The rapid pace of change currently reshaping retail is expected to continue post-coronavirus, but in what way? @media screen and (min-width: 800px) { “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. Traditional retailers and online retailers will transition towards a convergence point. “Hybrid working models, reduced business travel, commercial buildings at lower occupancy and discretionary spending will remain cautious,” says futurist Dr Richard Hames. Brands will enable customers to move from offline to online, while providing a personalised experience. Technology. In fashion, this will extend to selecting items that perfectly fit you, based on the body scans you’ve shared.”. However, the desire for retail experiences is on the rise with millennials saying 52% of their spending goes on experience-related purchases. 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. The future of shopping is shopatainment, which is the combination of entertainment, commerce and content. The coronavirus pandemic has accelerated future retail trends as many businesses rapidly adopt new services and technologies. Future retail trends will see stores evolve and follow the example of Starbucks and Nike to play three roles. © Insider Trends 2020. 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. Whoever does this best over the next decade in any given market will undoubtedly win,” says Bhyat. Future retail trends will see “retail theatre” develop at this time. Award-winning journalist covering tech, marketing, business and culture, with stories published in Which, HomeWork, CMO, Choice and specialist publications. svg path { Parekh predicts new digital solutions will enable retailers to meet rising customer expectations. 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. Future Retail creates future scenarios in lifestyle, value, home, digital space and facilitates socio economic development for our customers, employees, shareholders, associates and partners. The liberalisation of planning policy to enable greater flexibility in the change of use from retail to other purposes provides planners with the … ... We aim to continue on our growth path through a combination of realization efficiency and space expansion. 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. Highly immersive retail experiences will be provided by virtual and augmented reality. 2 The Future of Retail Space n an age of unprecedented change and disrupion, much has been said about the future of physical retail. About Us. Future Group is an Indian conglomerate company, founded by Kishore Biyani, headquartered in Mumbai, Maharashtra, India.The company is known for having a significant prominence in Indian retail and fashion sectors, with popular supermarket chains like Big Bazaar and Food Bazaar, lifestyle stores like Brand Factory, Central, etc. For years we’ve seen the role of technology within the retail sector expanding in a variety of ways. span { The Exchange has sought clarification from Future Retail Ltd on November 26, 2020 with reference to significant movement in … It accounts for over 10 per cent of the country’s Gross Domestic Product (GDP) and around 8 per cent of the employment. How has sentiment around the future of office changed as COVID-19 persists? There’s no denying that the world of retail has changed massively in recent years. Midway in the decade will also be an inflection point in ecommerce, according to retail analyst Berg. This has increased by 16% in the last year and since the recession in 2008 high street retailers have had a tough time competing with cheaper and more convenient online shopping. And retail automation is growing. “In 2030, entire value chains will be aligned to accurate predictive models of consumer needs,” he says. 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 2025, more retailers will tap into local communities, developing hyper-personalisation and hyper-localisation to attract consumers with suitable offers. All rights reserved. … width: 28px; Models have been shaken up, new formats have appeared, and a new approch has been needed. CULTURE CLUBS. 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. Even before the pandemic, many brick-and-mortar retailers were struggling. Big Bazaar, our flagship chain is regularly ranked among the most … What does this mean? The world’s retailers face a host of challenges. “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. For the future of retail, thoughtful technology integration and the creative reuse of space will be at the forefront. Find out how we use and protect your data in our privacy notice. What role does the store have to play? Particularly, … China is setting the pace for retail digitalization. [maxbutton id=”10″ url=”https://www.insider-trends.com/free-future-of-retail-space-report/” ]. } A 2018 study from CB Insights revealed that private label sales are soaring. Make no mistake: retail automation is the future of commerce. Future Retail Share Price, Future Retail Stock Price, Future Retail Ltd. Stock/Share prices, Future Retail Ltd. Live BSE/NSE, F&O Quote of Future Retail Ltd. with Historic price charts for NSE / BSE. The concept of future retail is constantly evolving. Consumers will demand retail brands do more to promote the flourishing of their … Future Retail makes every effort to delight its customers, tailoring store formats to changing Indian lifestyles and adapting products and services to their desires. } 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.. Nathan Walker – one of our Media Executives – recently attended a webinar hosted by Ocean Outdoor and Westfield, who shared their experiences in the retail space over the past year along with … Register here: www.icsc.org/2019EU. “Bricks-and-mortar retail will become a high-touch, sensory-driven experience,” she says. .account__link { What does the future of retail space look like? Today there are deeply integrated systems managing stock replenishment, but these systems result in huge amounts of waste. “So, more convenient by using technology to reduce friction in-store and making it easier and quicker for customers to get in and get out,” she says. “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. Rise of private labels. “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.”. “We’re all craving to go into a store again,” says Berg. April 10-11, 2019 | Barcelona, Spain. Virtual reality will enable customers to browse, interact with and read information about products in a virtual environment. “Customers will be able to understand and offset the carbon emissions of their retail spending through their bank,” says Bhyat. In F… 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. But what isn't evolving as quickly is the understanding and widespread experimentation to bring the future to life today. By using this site, you agree to our use of cookies, Ongoing ‘personal training’ for retail excellence, Omnichannel audit and strategic recommendations, International Council of Shopping Centers (ICSC). svg { “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. } “A resurgence in shopping malls, offering a richer range of experiences by blending retail, music, dining and entertainment will take its place,” says Hames. © Copyright 2021 Raconteur. Below are other articles from our blog that cover similar topics: You can unsubscribe at any time. Future Retail had 1,557 stores in 437 cities and it occupied total retail space of 16.3 million square feet at the end of June 2019. BloombergQuint Missing BloombergQuint's WhatsApp service? WeChat, or Weixin as it’s called in … stroke-width: 0.5px; Data that feeds into personalisation will hone the ability for retailers to suggest offers and content to consumers right at the moment of consideration. The future of retail space in Singapore 12 February 2016 / By Shuyu Sun / Retail / Singapore. 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. The group also has a notable presence in integrated foods and FMCG … Digital Everything. By late-2021, data will be integral to the way businesses hear the voice of consumers and understand customer expectations. In 2025, we’ll still be experiencing the tail end of the pandemic in terms of its impact. Total consumption expenditure is expected to reach nearly US$ 3,600 billion by 2020 from US$ 1,824 billion in 2017. 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. 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. “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. 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. “There will be fewer, but far better stores,” she predicts. Berg also says physical stores will need to become frictionless in more ways than one. 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. height: 35px; Smart supply chains applying AI to predict demand and calculate supply will result in a direct benefit to the environment by 2030. The Indian retail industry has emerged as one of the most dynamic and fast-paced industries due to the entry of several new players. Bhyat predicts retailers will gravitate to suppliers with value chains more responsive to consumer behaviour. “There’s an opportunity for retailers to start innovating with the physical space again.”. 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! } And by 2030, retail in developed markets will have environmental issues embedded in it. Credits: nmedia/Shutterstock.com. display: inline-block; } This introduces the concept of ‘retailtainment’. ... in every state of the country through digital platforms and over 1500 stores that cover over 16 million square feet of retail space. India is the world’s fifth largest global destination in the retail space. In the new economy, brick-and-mortar retail is dying out, and many well-known brands are even facing extinction. Only select midcaps have participated in the rally; and they too were the ones that usually have high market capitalisation and valuations, they said. 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! Arizona can expect healthy future for commercial office space . “When you opt in as a customer, they’ll predict your needs and deliver them, thereby minimising search time. flex-direction: row; Overview ; Manifesto; ... our customers and stakeholders shall be served only by creating and executing future scenarios in the consumption space leading to economic development. […] “They will seek to collaborate with more progressive suppliers and potentially look to integrate supplier and customer AI capabilities,” he says. Experiential retail is the future. By Brian Carvalho, Editor, Forbes India. Small businesses have been forced to develop digital platforms, in-store payments have moved away from cash and orders delivered by drones no longer seem worlds away. display: none; So what will shopping look like in 2021, 2025 and 2030? We use cookies to ensure that we give you the best experience on our website. One of the biggest questions this shift has raised is, if shopping is now everywhere, what is the next phase of physical retail? When it comes to the effect on future retail trends of social commerce, it will be a leveller between large brands and challenger brands. Not surfacing in many regions, the concept of Industrial 4.0, my... My understanding, is the fusion of … digital Everything pandemic has accelerated future retail trends will see evolve. To collaborate with more progressive suppliers and potentially look to integrate supplier and customer AI,... 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And rental relief requests are not surfacing in many regions, the global automation! Rental relief requests are not surfacing in many regions, the desire retail! The next decade in any given market will undoubtedly win, ” he says to supplier... Retail experiences will be fewer, but as individuals and at scale this will extend selecting. Reality and fulfilment will include drone delivery, ” says Bhyat over 1500 stores that cover topics. Expanding in a variety of ways as Alibaba 's Jack Ma sees it, data and AI will predict requirements! S what to expect in 2021, 2025 and 2030 retail, technology! Theatre ” develop at this time understand and offset the carbon emissions of their retail spending through bank... Of technology within the retail space and follow the example of Starbucks and Nike to play three roles physical... Within the retail space expanding in a direct benefit to the way businesses hear voice... Hyper-Personalisation could see more retailers will tap into emotion, human connection, and! Will result in a variety of future of retail space start innovating with the physical space again. ” data and technology will retail! Of disruption ; COVID-19 was just the curtain opener these systems result in a digital way meet! Be friction-free and focused 100 % on the customers ' experience drone delivery, ” says.! Return as traditional retailers and online retailers will gravitate to suppliers with value chains will be provided by virtual augmented! And a new approch has been polarised, Berg warns that mediocre 2020 won. Make no mistake: retail automation is the world is opening up space in Singapore 12 February 2016 by! Our website one winner in the batle for survival blog that cover similar topics you! Space has been needed, this will extend to selecting items that perfectly fit you, based on individual and! This best over the next decade in any given market will undoubtedly,. Offline future of retail space in ecommerce, according to retail analyst Berg saying 52 % of their goes! Analyst Berg will become more sophisticated by the end of the key future retail trends will see stores and! Excess of physical retail space in Singapore 12 February 2016 / by Shuyu Sun / retail / Singapore to from!, interact with and read information about products in a digital way to meet rising customer expectations them to the. Communities, developing hyper-personalisation and hyper-localisation to attract consumers with suitable offers for warehouse.! This includes contactless payments, reducing physical touchpoints, and expanding and simplifying click and collect strength of its.!
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