Store of the future 2016 – Department stores is part two of our Store of the future series. The report offers a range of solutions and case examples on how department stores can combat the threat from online and specialists (from fast fashion to luxury players). As it stands department stores have a lot of work cut out to reinvent themselves.
Apart from a dedicated chapter on clienteling, this report outlines six possible solutions employed by the most innovative department stores right now:
- flexible and new uses of redundant space,
- how to get concessions just right,
- innovative in-store technology,
- in-store hospitality 2.0,
- radical click & collect,
- vertical integration.
Each section features real life, practical case studies of the best department store operators, sharing key learnings and pointing out pitfalls to avoid.
While these solutions cannot guarantee success in every single case, they will greatly help department stores to regain the initiative.
The threat from e-commerce, fast fashion players and the expertise of leaner, nimbler and hipper boutique retailers can be countered.
In the end there will be winners and losers, but the department store is certainly not consigned to history.