There has been a lot of turbulence in the industry since the recession. After such a financial crash, we have questioned our finances and our governments. Understanding the influence on the consumer is crucial to success in modern retail. Ideas put forward such as The Great Unwind by John Gerzema, aim to explain this phenomena. Poor consumer confidence was presumed to be the sole reason for movement of preference but now as recovery is in effect we are seeing different degrees of permanence and an array of new habits. The obvious trend is seeing consumer’s desire to economize but there is more to the story than this:
Experiential retailing – the consumer lifestyle and demand has moved to suit the conditions in which e-commerce creates. Specifically retailers are unable to compete with the convenience, price transparency and range the internet offers. Therefore retailers need to look at the experience they provide within shops to differentiate themselves. A unique fit out can be a key influencer, combined with great staff and an environment that connects to them. Urban Outfitters argue themselves that their successful expansion is down to their shop fittings and environment having such a strong empathetic connection to their consumers, so distinct that it becomes persuasive. You need to immerse them in an ideal in which they can identify with within your store space.