Warnings on the rise for immersive shopping experiences
In the face of growing e-commerce, traditional brick-and-mortar stores are evolving, and one of the most notable changes is the rise of experiential retail. This innovative approach, which aims to bring customers into physical stores, is taking the retail world by storm, as demonstrated by the American Dream mega-mall in New Jersey and planned developments in Miami.
Triple Five Group, developers of the Mall of America and the West Edmonton Mall, have planted their flag in the Meadowlands with American Dream. Despite some retail tenants dropping out during the pandemic, the mall opened at the start of October. Triple Five also plans a similar development in Miami, demonstrating their commitment to this new retail trend.
The concept of experiential retail varies among companies, depending on their funding and the customer communities they aim to create. For instance, Jordan's Furniture, a century-old e-commerce store chain owned by Berkshire Hathaway, offers IMAX theaters, ropes courses, burger joints, and "North America's largest LED ceiling" in their brick-and-mortar stores. This approach makes perfect sense for a furniture company, as it allows customers to experience the products first-hand and creates a welcoming, family-friendly atmosphere.
Vans' "House of Vans" indoor skatepark is another ideal application of experiential retail. By offering an immersive skateboarding experience, the company demonstrates the ideal use of their skate shoes, attracting a dedicated customer base.
Other examples of experiential retail include exercise classes at Lululemon, sleepovers at IKEA, and a Nickelodeon amusement park at the Mall of America. These activities aim to create unique, memorable experiences that keep customers coming back.
While turning stores into amusement parks might be met with adulation, retail at its heart is about linking customers with products, according to Doug Garnett, president of marketing firm Protonik. The flashiness of experiential retail is expected to persist as long as physical stores do, as it offers a way for stores and malls to fight attrition in the e-commerce age.
However, it's important for journalists to cover these developments with an eye toward their business sense, rather than getting distracted by the shiny objects. Experiential retail is currently on hold due to the COVID-19 pandemic, but as the world begins to reopen, it will be interesting to see how this trend continues to shape the retail landscape.
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