The growth of e-Commerce and shifting demographics are requiring every retailer to adapt. Store closings are often the response, but retailers can’t shrink their way to success. Nor can they invest only in e-Commerce silos in an attempt to copy successful online-only models.
Retailers must invest in differentiating their stores and fixing the fundamentals of the in-store experience. Done right, retailers will succeed by creating immersive, memorable in-store experiences that online cannot match.
Target is on the right track. Last month at ShopTalk, Target announced a $7 billion plan to update their entire store format, develop smaller formats for urban areas and re-merchandise their stores to provide better grab-and-go and in-store experiences for shoppers. It is a huge bet, but one Target must take to adapt, evolve and thrive.
But in addition to store format updates and changes in merchandising strategy, retailers also need to address improving merchandising execution. Today, despite the fact that in-store merchandising execution is a core process for every physical retailer, there is a wide variance in process quality and efficiency.
As retailers look to increase the sophistication of their assortments and increase the frequency of new promotions, while at…