The Future of Retail is Evolving: 4 Key Insights from RetailSpaces

RETAILSPACES, THE POPULAR SEMI-ANNUAL RETREAT FOR THE NATION'S TOP RETAILERS, WAS HELD THIS SEPTEMBER IN SCOTTSDALE, az.

I was thrilled to be invited to give a talk titled, Why Your Retail Experience Sucks and How Your Employees are the Culprits. This session dove into the importance of ensuring hiring and training practices are aligned with physical design strategy, something DBSI takes pride in working on with our clients. It was fun to reference top brands like Lululemon, LL Bean, and Wegman’s as executives from those same brands sat in the audience.

While taking in other sessions during the event, it was evident that the future of retail is shifting faster than the average consumer realizes.

Here are four hot themes I took away from RetailSpaces that virtually every brand in any industry should be considering:

1. The AI Conversation is (annoyingly?) Everywhere

It’s no surprise, nor is it news, that AI has long been leveraged by retailers. What impressed me most, however, was the degree to which brands are investigating ways to leverage AI when it comes to site selection. We’ve gone light years beyond simply counting cars and projecting population growth when it comes to evaluating the value of entering a community. As Jim Robeson, CEO of PinPoint shared, GeoAI has emerged as the key to unlocking the potential of real estate planning.

2. Size Matters

As the market shifts in balance between the eCommerce and physical experience, brands continue to wrestle with the great square-footage debate. The audience had the unique opportunity to hear from Bree Richmond, VP of Retail at Good American. This digital-native brand was co-founded by Khloe Kardashian with the goal of offering fully inclusive sizing to women. This is a tough task for an eCommerce brand which is why the company has now set its sights on small retail locations, but still packs a punch. Coming in at around 1500sf, Good American is finding ways to put tons of product availability into an immersive and experiential space.

3. Healthcare is Retail, Retail is Healthcare

Seeking care demands the same conveniences and experience as any other retail visit. Top brands from medical spaces like Dental and Chiropractic care were in attendance and as I spoke to these brands, it became clear that they are looking to emulate what consumers experience across a wide range of touchpoints, not simply what they would experience from other medical providers. Ultimately, it seems the nation’s top retailers are writing the design playbook for healthcare. Meanwhile, companies like Walgreens and CVS seek ways to convert retail space into healthcare space.

4. Designing With Purpose

This year I have had the amazing opportunity to get to know Liz Powers, Founder and CEO of ArtLifting. Through her incredible partnerships with artists impacted by disabilities and housing insecurity, she is able to connect the talent of these artists with brands who prioritize embedding their values into their retail and/or headquarters design. Partnering with companies like Bank of America, Hallmark, Starbucks, and Google, Liz brought to life powerful stories of artists and the impact they have had on brand experiences. You can even purchase art-inspired backpacks from Jansport! This message resonated universally with the RetailSpaces audience, as it did with the BankSpaces audience earlier this year.

DBSI is proud to participate as an expert voice in meaningful industry events, including those led by our friends at the InfluenceGroup.

To see how our DBSI team is revolutionizing banking, healthcare, and retail with bold design, digital, and tech solutions, visit https://dbsi.com/our-work. For speaking opportunities at your next event, e-mail ejkritz@dbsi.com.