Surviving and Thriving in the Retail World of 2021
A management and consulting group has given retailers its top five list of strategies to consider so they can survive the pandemic and become healthier, more responsive companies in 2021. Kristin Kohler Burrows is senior director of Alvarez & Marsal, Hemant Kalbag and David Ritter are managing directors with their consumer and retail group in Houston and New York. They recently shared their ideas with ChainStoreAge.com, noting that despite “dramatic customer spending reductions” and “significant shifts in consumption patterns” retailers can be successful in the new year. They suggest they aggressively map their assortment to changing consumption trends, be ready for flight to value, and they need to rethink the role of the store. “We are overstored and oversized. Tough decisions need to first be made around the size of the fleet, size of the store, and role of the store. Then, the store experience needs to be re-imagined to deliver to a consumer that will be demanding both pickup in-store or curbside AND expects an experiential atmosphere featuring a high touch fitting room and selling floor accoutrements,” they said.
Ulta Cosmetics Takes Aim at Mini-Shops in Target Stores
It could be a beautiful partnership. Target and Ulta announced recently that the cosmetics giant will be creating some mini “shop-in-shop” concept stores in select Target locations in 2021. PAYMNTS.com reported the new concept would be called “Ulta Beauty at Target” and it’ll launch at about 100 locations. “The planned locations will complement Ulta Beauty’s current store locations and will mirror existing Ulta stores and take about 1,000 square feet of retail space.” Forbes retail pundit Shelley E. Kohan said the pairing would “significantly” benefit each company. “Each brand brings great benefits to the partnership. The two companies share the same vision on customer experience, both have a devoted, loyal customer base and both have worked on enhancing the shopping experience through digital innovations,” Kohan said.
It Began with Car Washes – What Other Retail Can be Drive-Thru Only?
America’s love affair with the automobile began in the early 1900s. Keeping them clean would take another half-century, when the first fully automated car wash launched in 1951 in Seattle, WA, after several car washes with limited levels of automation preceded it. Over the years we got lots of drive-thru or drive-in things…most notably fast-food joints and movie theaters. We wanted to stay in our cars and still live life to the fullest. Today, curbside pickup has become a fact of life, as retail scurries to come up with solutions for what started as a problem but may be turning into a new way of life. The fast, casual chain Chipotle has launched its first “digital-only” restaurant. According to a recent article in QSR Magazine, which covers the limited-service restaurant industry, it’s called the “Chipotle Digital Kitchen” and it opened just after Veterans Day – where else? – near the U.S. Military Academy at West Point in Highland Falls, NY. “The Digital Kitchen incorporates innovative features that will complement our rapidly growing digital business while delivering a convenient and frictionless experience for our guests,” said Curt Garner, Chipotle’s chief technology officer. Can drive-up barbershops or bowling alleys be far behind? What’s next? Send us a Tweet!
It’s DMM Trivia Time!
The Directory of Major Malls research team works tirelessly to update the existing listings each year. They also add hundreds of new shopping center listings and hundreds of thousands of new tenant locations and shopping center contacts on a regular basis. How much of the database gets updated each year? Is it a) 1% b) 33% c) 50% d) 98% or, e) none of the above. Click here for the answer and to learn more about DMM’s research process and methodology.