The Intersection: Retail Stores are Getting Smaller, and That’s a Good Thing

 

Retail stores across the country are undergoing enormous changes. As e-commerce creates competition, brick-and-mortar stores are focusing on developing a highly curated shopping experience for customers. Part of this curation means downsizing stores from large one-stop-shop warehouses to smaller, more intimate storefronts.

On this episode of The Intersection by Bluewater, we’re joined by Eric Thompson, senior sales executive for Bluewater; Thompson discussed the positive effects a smaller retail store has on the shopping experience and a business’ bottom line.

“The right-sizing of a retail store is a very healthy thing right now,” Thompson said.

The USA is the biggest culprit of oversizing stores, and up until only a few years ago, the common motto among big-box retailers was “stack it high and sell it cheap.” But the days of oversized stores are coming to an end. “Retail is overstored by 1.2 billion square feet,” Thompson said.

When customers can shop from the ease of their computer, browsing an enormous store becomes secondary. This is why slimmed-down stores, designed for convenience and relevancy to their area, are some of the most profitable in the retail market. In addition to downsizing, retail stores are integrating technology into the shopping experience to curate a customized experience for every shopper further.

Thompson elaborated on how big companies like Nordstrom’s, Kohl’s, and ALDI  are integrating new technologies into their stores, leading the charge in transforming the retail marketplace. By receiving sales and analytics on customer products in real-time, retail stores are collecting big data that helps craft a curated shopping experience that cannot be replicated in online shopping.

“It’s never been a better time to be in retail right now,” Thompson said.

For the latest news, videos, and podcasts in the AEC Industry, be sure to subscribe to our industry publication.

Follow us on social media for the latest updates in B2B!

Twitter – @AECMKSL
Facebook – facebook.com/marketscale
LinkedIn – linkedin.com/company/marketscale

Follow us on social media for the latest updates in B2B!

Image

Latest

public safety and security
Strengthen Public Safety and Security: Modernize Radio Communication for Better Field Response
April 11, 2024

The importance of radio communication within public safety and security operations remains unbeaten in an era dominated by digital transformation. This medium, essential for over a century, continues to be the lifeline for responders on the front lines. From ensuring the safety of field agents to facilitating real-time critical information flow and enhancing situational […]

Read More
IDC Smart Cities Awards: Edge Computing is Helping Virginia Beach Tackle its Flooding Crisis
April 11, 2024

In remote and disaster-prone areas, the rapid deployment of Internet of Things (IoT) technologies coupled with artificial intelligence (AI) has opened new vistas for emergency management and community safety in smart cities. These leading IoT deployments, highlighted at the recent announcement of the IDC Smart Cities Awards winners, solidified the role that edge computing […]

Read More
Next Gen 911 Sara Weston
Next Gen 911 Doesn’t Have a Final Destination, But Lack of Funding is Slowing the Adoption Journey
April 11, 2024

The transformation of emergency response systems through Next Gen 911 represents a critical evolution in public safety technology, enhancing emergency response capabilities with features like GPS tracking, live video, and real-time translation. As we move away from the outdated copper wire systems first implemented in the 1960s, the disparity between our personal devices and […]

Read More
Tax Incentives Are Key for Green Commercial Vehicle Adoption
April 11, 2024

The push toward greener logistics is gaining traction as concerns about environmental sustainability and climate change continue to grow. Traditional diesel-powered vehicles, long the backbone of the freight industry, are increasingly seen as unsustainable. The introduction of zero-emission vehicles like electric and hydrogen trucks is a promising step, but these technologies face significant barriers […]

Read More