Location is Everything

Rapid shifts in shopping and dining behaviors have redefined retail. The unprecedented change has accelerated online shopping by 10 years, dramatically increased delivery and pick-up orders and eroded customer loyalty.

Competing in the next normal requires new strategies and business models. To thrive, retail and restaurant concepts must reorient around a single view of the burgeoning cross-channel customer, recalibrate sales forecasting and market optimization models for omnichannel, and reposition store formats and location strategies to better serve customers.

And it is the store, ironically, that holds the key to a successful omnichannel approach. Indeed, Location is Everything.

Reorient

New persistent consumer trends have emerged during the pandemic, and retailers need to reorient themselves to provide the cross-channel experience their patrons are demanding. The importance of omnichannel retail means that real estate, marketing and merchandising departments need a unified view of their customer to successfully deliver across all channels. Importantly, the physical store will continue to play a vital – although likely altered – role as a place of purchase, inventory and fulfilment.
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Recalibrate

The shift in consumer behavior means that modeling customers based on historical data is no longer predictive in a post-COVID marketplace. Simply put, old approaches to modeling are insufficient in an increasingly omnichannel world. Now more than ever, it is critical to employ models powered by artificial intelligence and machine learning which rapidly recalibrate to more quickly understand the new normal.

Reposition

To effectively reposition for success, retailers must recast the role of the store as a place of purchase, inventory and fulfilment that supports a growing omnichannel buyer. Store formats must evolve to effectively deliver on an omnichannel experience and reposition the store portfolio to maximize revenue and profit.
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Learn why physical stores are the linchpin of your omnichannel retail strategy.

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