- “Chore” shopping continues to move online and become easier using auto renewals, one-tap purchases, and same day delivery
- “Cherish” – the experiential side of retail – discovering great products and socializing with others is soaring. Adding 4,000 new stores in 2017.
- Premiere independents selling innovative and distinctive products have grown by 40x over the past 5 years verses “balanced” retailers selling commonly available products.
- Millennials and Gen. Z prefer the Brick & Mortar experience.
- Retailers that adopt personalization for customers are the most successful. Shoppers purchasing tangible products want those items to tell a story, fit a lifestyle, and be innovative and unique.
- Retailers engaging in social media strategies to tell stories and engage with fans in real time are winning.
- The flattening effect of the internet allows the smallest retailers tremendous opportunity to launch and thrive. Advertising costs have never been lower because of the power of social media.
- Wellness and sustainability as a core value.
- 95% of the $5.16 Trillion US retail business is conducted by 3.6 million independent retailers.
- Luxury retail has grown by 85% over the past five years.
- Total online retail commerce in the US has grown just 3% – from 6% to 9% in the past 4 years.
- Brick & Mortar retail is growing faster than GDP – at 4% a year – or an additional $36 Billion in the next 3 years
|Sources: Deloitte Retail Renaissance Report, The Great Retail Bifurcation – Deloitte, National Retail Federation, Vend Retail Trends Report, Retail Trade Industry Spotlight-Select USA.gov, www.statista.com|
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