Times have changed for retail. Especially during the COVID-19 pandemic, which increased ecommerce by staggering amounts with brick and mortar shops having to close their doors. Now that this unprecedented time is over, what does it mean for brick and mortar retail stores? Are they at risk or are they here to stay? Those who made the proper adjustments during the pandemic were able to keep their locations afloat and now they have areas for expansion in their business. Actually, in 2021 store openings topped store closures for the first time in five years, according to Coresight Research via CSNBC. There are a few key reasons why this is happening. First, not all customers buy online. Older generations tend to lean on retail location for their purchases. Second, it provides a better face-to-face customer experience. Millennials turn to spending money on experiences rather than material items and retail locations can offer both. Also, customer service in this setting gives the buyer the option to speak with a real person about the products or services they will purchase. Third, it provides a convenience that may not be available with recent supply chain disruptions. While older generations, such as Boomers and Gen X prefer retail stores to learn about new products, 14% Gen Z still use brick and mortar stores to learn about new products as well, according to HubSpot. The future looks bright for brick and mortar retail but they should adopt an omnichannel strategy in order to fulfill a seamless customer journey as well as offer options for their audiences of all generations.
