THE RETAIL BULLETIN - The home of retail news
HOME
Department Stores
Electricals
Entertainment
Fashion
Food & Drink
General Merchandise
Health & Beauty
Home & DIY
Interviews
Newsletter
Property
Shopping Centres & Retail Parks
Sports & Leisure
The Papers
RETAIL INSIGHTS
RETAIL SOLUTIONS
• The HR Summit 2019
• AI in Retail Conference 2019
• Omnichannel Futures Conference 2020
• Future of Retail Marketing 2020
ABOUT
CONTACT
SUBSCRIBE FOR FREE
Insight: Centre:mk report highlights future trends in retail

A new study has identified a range of consumer trends that it predicts will have a significant impact on the future of retail and leisure destinations. … View Article

GENERAL MERCHANDISE

Insight: Centre:mk report highlights future trends in retail

A new study has identified a range of consumer trends that it predicts will have a significant impact on the future of retail and leisure destinations. 

Commissioned by Centre:mk joint owners Hermes Investment Management and AustralianSuper, The Future Shopper Report says a new breed of consumer will be visiting shopping and leisure destinations by 2025 and that their behaviour will be led by three distinct trends that retailers will need to embrace. 


Stay updated with the latest retail news for free by subscribing to the Retail Bulletin mailing list.


The report predicts that shoppers will increasingly visit retail destinations in search of communal experiences where buying products goes hand-in-hand with social interactions to drive loyalty. It says stores will be more likely to offer rewards such as exclusive products, immersive experiences, and lifestyle services that offer solutions for busy modern lifestyles. According to the study, 75% of Generation Z consumers already prefer to visit stores that offer a memorable and encouraging experience, with 50% of 20-year-olds searching for an enhanced retail offering from bricks-and-mortar spaces.

The study also forecasts that shoppers will place more emphasis on brands’ ethical behaviours. It highlights the Edelman Trust Barometer which last year identified that 56% of consumers already regard ethical and open business practices as important in building belief in a brand. According to The Future Shopper report, this trend will grow significantly and will shape how retailers and shopping destinations look to attract shoppers.

Finally, the report identifies the changing way in which customer service is perceived and valued by consumers. It predicts that shoppers will expect staff to be knowledgeable and enthusiastic collaborators in their purchasing experience after research found that 78% of consumers regard sales staff with a detailed product knowledge and confidence with in-store technology as key in driving brand loyalty. For retail and leisure destinations, this will mean employing emotionally intelligent, highly motivated, well paid ‘brand fans’ that are knowledgeable about brands, stores and the experiences available.  
 
The report was written by foresight consultancy The Future Laboratory.

Kathryn Bishop, deputy foresight editor at The Future Laboratory and the report’s author, said: “Over the next ten years, a series of powerful new social, cultural and technological driving forces will reshape consumers’ expectations of retail and leisure destinations. Tomorrow’s consumers will seek a greater sense of belonging, which malls can facilitate, complete transparency from brands, and to have engaging experiences with staff. The smart destinations are those that recognise the changes are happening now and respond, rather than waiting, which will be too late.”

 

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

The HR Summit 2019
The HR Summit 2019
8 October 2019
Hallam Conference Centre, London W1W 6JJ
Company values, collaboration with employees and driving a major HR transformation to create a truly omnichannel experience, need to be at the heart of the organisation's culture and brand
AI in Retail Conference 2019
AI in Retail Conference 2019
16 October 2019
Cavendish Conference Center, London W1G 9DT
CONFERENCE AIMED AT RETAILERS WORKING IN MARKETING, IT, DIGITAL, DATA AND TECHNOLOGY
Omnichannel Futures Conference 2020
Omnichannel Futures Conference 2020
5 February 2020
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Future of Retail Marketing 2020
Future of Retail Marketing 2020
10 June 2020
Cavendish Conference Centre, London W1G 9DT
The Future of Retail Marketing for Customer Engagement