Brick and Mortar is Not Dead, It Just Needs an Update

The past, in the minds of retail CEO’s, were the glory days. The mall was a destination, a place where mothers and daughters created memories while shopping for the perfect prom dress. Meanwhile, a gaggle of teenagers would commence their weekends at the food court hoping one of them would run into their crush whilst sipping an Orange Julius. Ultimately, the physical shopping experience was a social one. It seems, that with storefronts closing at record rates, that consumers are rejecting said experience and replacing it with a digital one. On the other hand, studies are showing that is quite the contrary.

The Present

With our new digitized society, it seems that we’ve taken everything online, including shopping. Coincidentally, it has caused the rapid closing of many namesake retailers. But, Women’s Wear Daily reports retail is expected to grow 4 to 4.5 percent this year alone; so what gives? Surprisingly, it turns out, Millenials and Gen Z’ers, actually prefer shopping in store. Looking deeper into the matter, we know that those generations, while tech-savvy, are experience-driven. Stepping foot into a store and feeling clothing in one’s hand, trying on a new dress or pair of shoes is an experience in itself. On the other hand, the reason many brands are shutting…