Location, location, location
Online commerce may have made significant gains, but retail customer trends point to the continued importance of physical store locations for merchants. In addition to preferring the brick-and-mortar experience for some products, customers are drawn in by on-hand merchandise and the convenience and novel experiences offered by retail technology. As multichannel strategies continue to merge into integrated marketing approaches, even previously online-only sellers are beginning to seek store space to take advantage of diversified opportunities, The Financial Post explained.
It's not just about having a store front, of course. Merchants need to find the right brick-and-mortar presence for their brand and customer base. For example, The Globe and Mail described how mid-rise project developers consider demographics and seek corresponding retailers to create the right overall experience in their completed projects.
"If you match the location with destination retailers, you can create character," Jason Lester, chief operating officer of Dundee Realty Corporation, told the news source. "Our strategy and approach is to define the type of retail that will go in on the ground floor."
In addition to integrated projects like Lester's development, merchants can draw on retail customer trends and business intelligence to identify areas where they'll be most competitive and isolate strategies that will appeal to targeted demographics.
