The shift is happening. Digital retail is here and it is here to stay. But what about our more familiar friend, traditional retail.
Over the past fifteen years, there has been a major shift in the retail industry. Traditional retailers are still around, though they have seen a new and disruptive player join the party.
Shopping used to be a straightforward matter. You would need an item, go to the shop, purchase it and go back home. Today, it is even easier. You go on Amazon, click on the product you want, buy it and it arrives the next day. You could then ask the question why go to the store at all. That is because we don’t just shop to buy stuff, we want to enjoy the experience, explore new brands, or simply test new concepts. Otherwise, it could just be done online. This is why, brands who want a physical presence, will need to be savvy, whether by pricing or by innovation.
Let us use the office market as a quick case study. As a result of the internet (and more recently Covid), some argue that companies do not require a physical workspace. Employees could work from home and meetings could take place through video calls. Yet nearly every single company has an office. Even digital brands. Why? Because of the value of social interaction, the enjoyment of physical presence, exploring new ideas, or making new contacts. The office market has evidently not disappeared, it has nonetheless experienced a significant shift. Look no further than serviced offices. The traditional office needed change and that is what the serviced office market provided. Whether it be by offering shared space, fitted out space, or flexible lease terms. This means tenants can walk into a workplace and have it ready for occupation the next day. If traditional office providers are to compete with this they must offer something unique themselves.
How is this relevant to the retail industry? It has one difference; the office market is predominantly B2B whilst the retail market is B2C. So, as traditional offices are having to adapt their offering, so do traditional retailers. In their case, not react to serviced offices but to the rise of online retail.
Now let us discuss a brand helping revolutionise the retail industry, Gallery Society. Gallery Society is a London-based physical retail platform designed to discover, experience and engage with brands in real life. They bring multiple brands closer to customers, allowing shoppers to discover and learn about them first-hand. For brands, this is an opportunity for them to test physical retail, try out new products, acquire new customers and collaborate with like-minded brands. Brands are provided with space where they can engage with their consumers in the physical world without the headache of traditional retail such as finding a space, merchandising and staffing.
Come along and experience the retail revolution with Gallery Society’s first pop-up of the year in Shoreditch. The store is opening its doors on Thursday 16th of January.
Opening Hours: Thursday-Saturday: 10am — 7pm Sunday: 10am — 5pm
Address:
30 Redchurch Street E1 6JT London
T: +44 (0) 7944 696 151