Between pop-up shops and programming, it gets tough to know when experiential is just a buzzword in retail, and when it really has an impact. From live music to back-of-house efficiencies, here’s how Topgolf, The Container Store and Bed Bath & Beyond are innovating to keep consumers engaged.
Courtesy of The Container Store
The Container Store’s storage section
Retailers are focusing more heavily on customer engagement as rapidly evolving demographics and technology are changing the retail game drastically.
“We’ve seen many retail ‘apocalypse’ headlines, but we also see an incredible opportunity with brick-and-mortar and online retail,” The Container Store Vice President of Real Estate Val Richardson said. “When we go through a major evolution like right now, there’s a natural cleansing of the market that creates an opportunity to reach new customers.”
Mature retailers like The Container Store, which was founded in 1978, and Bed Bath & Beyond, which was founded in 1971, have established customer bases — namely baby boomers. As younger generations get married, buy homes and have children later, wedding registries from Bed Bath & Beyond or storage solutions from the Container Store do not become relevant until later.
“We do expect millennials to eventually follow the path of former generations, but we are aware [of] and focused on how to be relevant to this younger customer who has different needs at different times,” Richardson said.
Bed Bath & Beyond also views the cleansing of the retail market as positive for its brand.
“If a department store goes out of business near us, we can pick up customers, but they also might have good employees we can add to our workforce,” Bed Bath & Beyond Managing Director of Real Estate Peter Russell said.
Courtesy of SRS Real Estate Partners
Creekwalk Village in Plano, Texas
To maximize experience, both Bed Bath &…