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Highly immersive retail experiences will be provided by virtual and augmented reality. The Government has developed policies to drive the growth of town centres and has pledged to consult on planning reform to make it easier to create more homes, jobs and choice in town centres. “There will be fewer, but far better stores,” she predicts. Bhyat says in 2020 some retailers are recreating that experience at scale using data-driven algorithms taking in hundreds of factors to drive hyper-personalised offers and service for national retailers. Arizona can expect healthy future for commercial office space . “Hybrid working models, reduced business travel, commercial buildings at lower occupancy and discretionary spending will remain cautious,” says futurist Dr Richard Hames. } Find out how we use and protect your data in our privacy notice. This introduces the concept of ‘retailtainment’. However, the desire for retail experiences is on the rise with millennials saying 52% of their spending goes on experience-related purchases. In 2025, we’ll still be experiencing the tail end of the pandemic in terms of its impact. “2021 will point to the future when retailers will do your shopping for you,” he says. In fashion, this will extend to selecting items that perfectly fit you, based on the body scans you’ve shared.”. } Technology. height: 35px; India is the world’s fifth-largest global destination in the retail space. Smart supply chains applying AI to predict demand and calculate supply will result in a direct benefit to the environment by 2030. This has increased by 16% in the last year and since the recession in 2008 high street retailers have had a tough time competing with cheaper and more convenient online shopping. display: none; It expects Future Retail to grow faster than the market based on its brand equity , national presence and strength of its private labels. The Exchange has sought clarification from Future Retail Ltd on November 26, 2020 with reference to significant movement in … For the future of retail, thoughtful technology integration and the creative reuse of space will be at the forefront. All rights reserved. Raconteur Media, 2nd FloorPortsoken House, WeChat, or Weixin as it’s called in … Total consumption expenditure is expected to reach nearly US$ 3,600 billion by 2020 from US$ 1,824 billion in 2017. About Us. While COVID-19 has undoubtedly accelerated the rise of ecommerce, there will always be a place for bricks-and-mortar retailing. Overview ; Manifesto; ... our customers and stakeholders shall be served only by creating and executing future scenarios in the consumption space leading to economic development. Future Retail, one of the leading retail chains in India, has increased its retail floor space by 3 lakh square feet to 1.3 cr square feet during the April-June quarter this year, said the company. China is setting the pace for retail digitalization. Data that feeds into personalisation will hone the ability for retailers to suggest offers and content to consumers right at the moment of consideration. As the decade started, ecommerce was focused on reducing friction and aiming for a seamless experience, but it will move to being more engaging and immersive. The transformative power of virtual courts, Legaltech can bring empathy to life’s hardest situations, Legal Twitter is using social media to do good. April 10-11, 2019 | Barcelona, Spain. We use cookies to ensure that we give you the best experience on our website. ... We aim to continue on our growth path through a combination of realization efficiency and space expansion. [maxbutton id=”10″ url=”https://www.insider-trends.com/free-future-of-retail-space-report/” ]. CBRE Research recently completed the second installment of The Future of Office client survey. So what will shopping look like in 2021, 2025 and 2030? By Brian Carvalho, Editor, Forbes India. Traditional retailers and online retailers will transition towards a convergence point. } By late-2021, data will be integral to the way businesses hear the voice of consumers and understand customer expectations. “In 2030, sales channels will include virtual reality and fulfilment will include drone delivery,” says Bhyat. span { The concept of future retail is constantly evolving. Prompted by COVID-19 a decade earlier, which helped propel online retail towards true omnichannel social commerce, discrete sales channels will have dissolved. Analysts said the rally in the midcap space has been polarised. Our aim is to maintain the momentum of topline growth through continuous efforts to increase store efficiencies and productivity … “A resurgence in shopping malls, offering a richer range of experiences by blending retail, music, dining and entertainment will take its place,” says Hames. Virtual reality will enable customers to browse, interact with and read information about products in a virtual environment. Promoters own 42% in Future Retail, which runs hypermarket chain Big Bazaar and neighbourhood grocery chain Easyday Club, but 75% of the holding is pledged as on June 30, 2020. 155-157 Minories, Aldgate, London, EC3N 1LJ. ... in every state of the country through digital platforms and over 1500 stores that cover over 16 million square feet of retail space. © Insider Trends 2020. 2 The Future of Retail Space n an age of unprecedented change and disrupion, much has been said about the future of physical retail. “This kind of AI-to-AI integration will result in automated supplier-customer sales negotiations in closed business-to-business digital marketplaces and upstream integration with suppliers of raw materials and financing solutions.”. Whoever does this best over the next decade in any given market will undoubtedly win,” says Bhyat. Register here: www.icsc.org/2019EU. “There’s an opportunity for retailers to start innovating with the physical space again.” ... Future retail trends will see “retail theatre” develop at this time. Meanwhile, fears of office space stagnating and rental relief requests are not surfacing in many regions, the panelists said. Future Retail Share Price, Future Retail Stock Price, Future Retail Ltd. Stock/Share prices, Future Retail Ltd. Live BSE/NSE, F&O Quote of Future Retail Ltd. with Historic price charts for NSE / BSE. Hit the button below to get your free copy and start getting ready for the future – because physical retail isn’t going anywhere, but it is changing. The group also has a notable presence in integrated foods and FMCG … How has sentiment around the future of office changed as COVID-19 persists? One of the key future retail trends, personalisation engines will become more sophisticated by the end of 2021. “Social commerce will increasingly become a powerful tool for small brands to access their well-targeted customer segments and make them able to compete with large brands,” says Baena. The 2020s will be a decade of disruption; COVID-19 was just the curtain opener. } } In Arizona, they report seeing an uptick in interest for relocations and expansions from a mix of industries: technology, healthcare, manufacturing, insurance, pharmaceuticals, financial technology. “In the old days, people visited local shopkeepers who knew them by name and could predict their needs based on what they wanted through a personal relationship,” says Riyadh Bhyat, head of Quantium in Europe, Middle East and Africa. While the coronavirus crisis has shuttered many high street stores and seen retailers and consumers flock to ecommerce, physical stores will be the focus again, but with a new emphasis, by late-2021. } Berg also says physical stores will need to become frictionless in more ways than one. “When you opt in as a customer, they’ll predict your needs and deliver them, thereby minimising search time. The future of big retail needs to be friction-free and focused 100% on the customers' experience. But what isn't evolving as quickly is the understanding and widespread experimentation to bring the future to life today. Bhyat predicts retailers will gravitate to suppliers with value chains more responsive to consumer behaviour. Brands will enable customers to move from offline to online, while providing a personalised experience. One of the biggest questions this shift has raised is, if shopping is now everywhere, what is the next phase of physical retail? What does the future of retail space look like? “They will seek to collaborate with more progressive suppliers and potentially look to integrate supplier and customer AI capabilities,” he says. Naysayers see this as a batle between bricks-and-mortar and online retail as though there can only be one winner in the batle for survival. If you want to lease a property to us, have any feedback or investor related query, please write us at the email addresses displayed in the page. Well, the concept of Industrial 4.0, to my understanding, is the fusion of … Volume of retail space to be added over the next 5 years by region With the likes of Debenhams and House of Fraser closing stores, landlords can reconfigure space vacated by the department store anchors and Medium Size Units (MSUs) such as BHS and Marks & Spencer, without the need to add more space through extensions. Nathan Walker – one of our Media Executives – recently attended a webinar hosted by Ocean Outdoor and Westfield, who shared their experiences in the retail space over the past year along with … The future of retail will see complete integration of technologies like augmented and virtual reality, the internet of things, sensor-driven packaging and connected appliances. Midway in the decade will also be an inflection point in ecommerce, according to retail analyst Berg. Experiential retail is the future. There’s no denying that the world of retail has changed massively in recent years. stroke-width: 0.5px; .account__link { For years we’ve seen the role of technology within the retail sector expanding in a variety of ways. Instead of mountains of waste, data and AI will predict stock requirements, thereby limiting wastage and reducing the impact on the environment. In contrast to the excess of physical retail space, we’re also seeing an immediate need for warehouse space. By mid-decade, the conventional retail model of just hanging rows and rows of clothes on hangers and supplying a couple of changing rooms and a mirror will be on the way out. And by 2030, retail in developed markets will have environmental issues embedded in it. “It allows them to engage the people they serve not as demographics or segments, but as individuals and at scale. Digital Everything. Here’s what to expect in 2021, 2025 and 2030. This new, free report, aims to address those questions. When it comes to the effect on future retail trends of social commerce, it will be a leveller between large brands and challenger brands. In the new economy, brick-and-mortar retail is dying out, and many well-known brands are even facing extinction. height: auto; Parekh predicts new digital solutions will enable retailers to meet rising customer expectations. These are as a transactional hub for immediate consumption, as an experiential venue and as a showroom to communicate about the brand and support online sales as ecommerce fulfilment points, according to Kanaiya Parekh, expert retail partner at Bain & Company. Consumers will have seamless shopping experiences through social platforms in 2030, shrinking waiting time for customer service queries with smart chatbots and bringing highly personalised experiences through user-generated content. The brokerage said only 9% of the overall retail falls in the modern retail category could grow to 12% by FY20F (forecast) as incomes rise and urbanisation increases. “In 2030, entire value chains will be aligned to accurate predictive models of consumer needs,” he says. @media screen and (min-width: 800px) { Below are other articles from our blog that cover similar topics: You can unsubscribe at any time. “Customers will be able to understand and offset the carbon emissions of their retail spending through their bank,” says Bhyat. The future of shopping is shopatainment, which is the combination of entertainment, commerce and content. The company has increased its floor spaces in nine cities which includes Hyderabad, Pune, Mumbai, Indore, Nellore, Gaya and Keonjhar. Future Retail makes every effort to delight its customers, tailoring store formats to changing Indian lifestyles and adapting products and services to their desires. As with the inaugural round of the survey, our September study was completed by senior-level global real estate executives who provided insights on how sentiment is shifting about the location, design and use of office space. Mountains of food and clothing get destroyed each year due to the difficulty of predicting what customers will want and when,” says Quantium’s Bhyat. Devices such as facial scanners will analyse skin to suggest personalised care based on individual needs and prior experiences. “We will experience our own version of the Roaring 20s,” says Natalie Berg, retail analyst and founder of NBK Retail. A 2018 study from CB Insights revealed that private label sales are soaring. Future retail trends will see “retail theatre” develop at this time. “Stores used to be run by people who would gauge how much of each product they needed. … “There’s an opportunity for retailers to start innovating with the physical space again.”. Rise of private labels. Space, Place and the Future of Retail brings together leaders from the retail real estate, retail and technology industries: Everything and everyone you need to know in one great place and two indispensable days! width: 28px; Credits: nmedia/Shutterstock.com. Award-winning journalist covering tech, marketing, business and culture, with stories published in Which, HomeWork, CMO, Choice and specialist publications. “In lockdown, retailers have recognised the need to connect online consumers with in-store staff and this will become more of an opportunity to differentiate and develop customer loyalty through superior service,” says Berg. The coronavirus pandemic has accelerated future retail trends as many businesses rapidly adopt new services and technologies. The Indian retail industry has emerged as one of the most dynamic and fast-paced industries due to the entry of several new players. For years we’ve heard about the decline of physical retail and the rise of the internet. In reality, we live in an omni-channel environment, where both the However, Berg warns that mediocre 2020 players won’t survive the pandemic and are unlikely to return as traditional retailers. Particularly, … […] What role does the store have to play? “Social commerce can combine the personal touch consumers used to find in a store with the convenience of an online purchase,” says Luis Baena, principal at Oliver Wyman. This includes contactless payments, reducing physical touchpoints, and expanding and simplifying click and collect. span { Future Group is an Indian conglomerate company, founded by Kishore Biyani, headquartered in Mumbai, Maharashtra, India.The company is known for having a significant prominence in Indian retail and fashion sectors, with popular supermarket chains like Big Bazaar and Food Bazaar, lifestyle stores like Brand Factory, Central, etc. display: inline-block; The trend towards hyper-personalisation could see more retailers deliver a “white glove” service in a digital way to meet rising customer expectations. “We’re all craving to go into a store again,” says Berg. Just recently, the topic of The Fourth Industrial Revolution (Industrial 4.0) triggered my imagination about Singapore’s future retail space – as one where brick merges with digital. svg { flex-direction: row; Signup, The rapid pace of change currently reshaping retail is expected to continue post-coronavirus, but in what way? By using this site, you agree to our use of cookies, Ongoing ‘personal training’ for retail excellence, Omnichannel audit and strategic recommendations, International Council of Shopping Centers (ICSC). “So, more convenient by using technology to reduce friction in-store and making it easier and quicker for customers to get in and get out,” she says. Future Retail operates some of India’s most popular retail chains that inspires trust through innovative offerings, quality products and affordable prices that help customers achieve a better quality of life every day. Future Retail had 1,557 stores in 437 cities and it occupied total retail space of 16.3 million square feet at the end of June 2019. At present, Future Group boasts a nationwide network of 930 outlets, with a total retail space of over 13.6 Mn square feet across 255 cities.. The decline of retail around the world is opening up space in urban areas. Only select midcaps have participated in the rally; and they too were the ones that usually have high market capitalisation and valuations, they said. The future of retail space in Singapore 12 February 2016 / By Shuyu Sun / Retail / Singapore. Future of retail As Alibaba's Jack Ma sees it, data and technology will transform retail, not just online but offline too. What does this mean? By mid-decade, the conventional retail model of just hanging rows and rows of clothes on hangers and supplying a couple of changing rooms and a mirror will be on the way out. This vision for the future of retail space can be applied to the UK. The world’s retailers face a host of challenges. Produced in association with the International Council of Shopping Centers (ICSC), it explores what the role of the physical store is in the digital-first retail future. Zayas is known for his revenue growth strategies and visionary leadership in the eCommerce and retail space. © Copyright 2021 Raconteur. BloombergQuint Missing BloombergQuint's WhatsApp service? “Digital kiosks, powered by artificial intelligence (AI), at fast food restaurants, equipped with automated facial recognition, will let customers navigate the menu, self-order and use contactless payment,” says Parekh. And retail automation is growing. In fact, the global retail automation market is expected to be worth more than $19.5 billion by 2024. We will be the … Small businesses have been forced to develop digital platforms, in-store payments have moved away from cash and orders delivered by drones no longer seem worlds away. Big Bazaar, our flagship chain is regularly ranked among the most … India is the world’s fifth largest global destination in the retail space. In 2025, more retailers will tap into local communities, developing hyper-personalisation and hyper-localisation to attract consumers with suitable offers. “Consumers have come to expect fast and free delivery and returns, and then post-COVID; it’s about immersion and discovery,” says Berg. “A resurgence in shopping malls, offering a richer range of … Consumers will demand retail brands do more to promote the flourishing of their … Models have been shaken up, new formats have appeared, and a new approch has been needed. Make no mistake: retail automation is the future of commerce. The stores that thrive will need to tap into emotion, human connection, discovery and community. All Rights Reserved. In F… The liberalisation of planning policy to enable greater flexibility in the change of use from retail to other purposes provides planners with the … Survival of the fittest: The future of retail spaces According to a survey by Mintel, 92% of internet users in the UK have shopped online. It accounts for over 10 per cent of the country’s Gross Domestic Product (GDP) and around 8 per cent of the employment. “Consumers are increasingly using social media to engage with brands across the entire customer journey, from discovering new brands and products to writing reviews, comments and feedback.”. Space, Place and the Future of Retail brings together leaders from the retail real estate, retail and technology industries: Everything and everyone you need to know in one great place and two indispensable days! While some brands are capitalizing on the opportunity to sell directly to their end … Below, let’s take a look at what retail automation is and tactics you can consider now and in the future for your own retail business. Again. ” 2025 future of retail space we ’ ve heard about the decline of retail space we! Expenditure is expected to reach nearly US $ 3,600 billion by 2024 experience, ” says! More sophisticated by the end of the internet hear the voice of consumers and understand expectations... Convergence point Jack Ma sees it, data and technology will transform retail, thoughtful technology integration and the of. The ability for retailers to start innovating with the physical space again..! To bring the future of retail space be able to understand and offset the carbon emissions of their spending on... 2020 from US $ 3,600 billion by 2024 in any given market will undoubtedly,! 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