What is the future of the department store?
Right now, department stores have an opportunity – but you have to take it.
Book our new future of department stores presentation and we’ll show you just how department stores can thrive and the most important actions your business should take.
Each session is tailored to your specific challenges and you choose the day, time and location of delivery, plus the audience size.
Here’s a taste of what you can expect:
What is the future of the department store?
It’s a question we get asked a lot.
It’s understandable given that department stores are under pressure like never before.
Other questions we get a lot are:
What should department store owners be doing?
How can all that space be used more effectively?
What trends matter to department stores?
These are questions that we want to answer for you. It’s why we’ve developed a new presentation all about the department store of the future.
These aren’t just some ideas to tack onto current department stores. It’s a whole new model for the department store.
We’ve observed leading department stores from all over the world for years. We’ve worked with companies like Galeries Lafayette, NK and the International Association of Department Stores (IADS). We’ve explored the trends impacting department stores and we’ve researched how things are set to change in the future.
Out of this we have developed this whole new vision for the futureproof department store. Our framework looks a little different to the model of old, but that’s entirely the point. That model doesn’t work anymore.
The fact is we’re all spending more time on digital devices. These tools are used for everything from communicating to banking to entertainment and – yes – buying. When more and more of our inspiration comes from what we see online it makes sense that we want to be able to buy then and there.
This isn’t an issue that’s unique to department stores. All stores are having to adapt to these changes. But given their large floorplans and associated running costs, there is a greater pressure on department stores to make changes in response to new shopping habits.
Despite the shift to digital though, going into your department store should not be like an analogue version of browsing pages of results on your website. Your website should not solely mimic your store.
So, while we all acknowledge the challenge faced by department stores, coming up with workable ideas on how they should adapt seems to be a sticking point
That gap between what is collectively known and what should individually be done has driven us to develop this new future of department store presentation.
We take inspiration from trends happening all over the retail world and combine it with solid data to show you how to make the trends work for you. The presentation can also be followed by a workshop to help you turn these ideas into actions for your business.
Not only will we help you to think about things differently, we’ll also share a host of great case studies that highlight why this new thinking works. These include companies like Camp who has turned the store into not just a playground – but also a different revenue model. It sells brands the opportunity to sponsor its space, as well as making money through events held there.
Discovery is another opportunity to change the model. While discovery has always been the linchpin of department stores, if people used to think of the department store as the place where you could buy whatever you wanted, the internet has massively surpassed it as a rabbit hole to a wonderland of retailing.
And so in lies the opportunity for department stores. The problem with that internet wonderland is that it is too vast. Search for anything online and you’ll get hundreds or thousands of different options. This, contrary to what you might expect, makes it hard for brands to be discovered by customers.
Department stores can help brands cut across the noise to reach shoppers – and in turn boost their own sales.
The great thing about these models is that they don’t just drive footfall to the store, but also revenue.
If you hook up your space with the right tech, and trained staff, you can charge brands to be there in return for data on how many customers interacted with their product, how many bought, customer feedback and so on. It’s an approach b8ta has adopted for tech products with great success and is now licensing to retailers.
Another interesting approach is charging brands for advice which is something being explored by Neighborhood Goods. It’s putting your expertise to work in a new way to benefit both the brands you work with and your bottom line.
These are just a few examples of what you can expect from the presentation – with plenty more inspiration packed in. The result is a whole new vision for your department store business to think about – and act on.
To quote Harry Gordon Selfridge: “Develop imagination, throw away routine.” The future of department stores does not lie in the mundane. These spaces need to inspire, to create connections and enrich lives.
So, what are you waiting for? The future is only ever a day away. Make sure your department store is ready for it by booking your future of department stores presentation today.
To find out more and book your presentation:
– Email contact [at] insider-trends [dot] com
– Phone +44 (0)20 7183 3785
– Or fill in the contact form below
We look forward to hearing from you!