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.