The Return of the Store, Coming in 2023

By Marshal Cohen – Chief Industry Advisor, Retail

This will be the year that brick-and-mortar stores make a real comeback in the retail landscape. Shopping is changing and stores are an integral part of the new dynamic.

Consumers want a more interactive shopping experience. The ability to touch-and-feel purchases has once again become more enticing than the convenience that propelled online shopping, over the past few years.

Brands need to find growth opportunities. As the internet matures and shows a clear sign of leveling off after the pandemic surge, physical retailers allow brands to expand their reach to more consumers.

Malls are hungry to fill their vacancies. Attractive lease deals and build outs will be extended to entice newcomers to fill the vacant spaces.

In the months ahead, look for the evolution of the pop-up shop, as brands, designers, and celebrities to open stores as a way to gain exposure. Previously full malls will be more willing to cut deals that get the attention of retailers looking to gain traction through expansion into malls. More antiquated retail locations will have the opportunity for a functional facelift, moving to new locations with updated spaces and demographics that better match their needs.

Stores are the right place, right now. Physical stores are once again the place for consumers to shop and discover. Stores allow marketers to gain deeper insight into the needs and desires of shoppers looking for the right products, at the right time.

Welcome back to the world of shopping “in real life” versus the one-dimensional online environment. And that means now is the time to evaluate the channels you’re using to reach consumers.