The retail of the future likely looks a little different than today, which may look vastly different from the past and our retailers must continually be nimble in a multi-faceted and ever-changing environment. I attended a Greater Des Moines Partnership event yesterday morning, along with a couple of our business owners, which outlined the future of retail. We know the retail landscape continues to evolve quickly and with good reason there's a lot of uncertainty right now given several recent announcements and closures of big stores along with the online and mobile sales boosts.
But did you know that while we talk about the amount of online sales made (and yes, those purchases equate to a lot of money), online purchases still only account for approximately 10% of retail purchases? The average person would still prefer to touch and feel the product before buying it, and equally cite the customer service experience and interpersonal interaction as a major reason for their in-person purchases.
The retail of the future will revolve around one of three center concepts: lifestage centers: areas catering to specific demographics; value centers: getting the best deal possible and idea centers: utilizing high tech and high touch to engage customers. Retail of the future will contain staples and convenience, and include experiential opportunities.
If you're interested in the retail of the future and starting a new venture in Grinnell, let's talk! We'd love to help you take the next steps to make it happen. And would you all do me a favor? Continue to look local first, before you drive out of Grinnell or jump online to make your next purchase.
--Rachael Kinnick
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