In our fast-paced and time focused society, shopping has become a major activity and key component of the retail industry worldwide.
However, businesses are no longer able to grow profits and retain a customer base with a single offer, with providers increasingly widening their reach and potential new consumers across different product platforms.
According to the Australian Bureau of Statistics (ABS), turnover in the retail sector saw a national rise of 0.2 per cent this April. This seasonally adjusted data improves the figures released in the previous year, and may explain why a variety of services offered in store can aid retail production levels.
While department stores incorporating restaurants into their retail design is now an industry standard, the quality and calibre of the locations is developing, making stores and dining options a destination in their own right, as reported recently in a Deloitte research paper.
In contrast, some stores want to move away from solely sales-driven targets, and focus on the local communities in which they operate instead, becoming a place of exchange where value is determined by more than just trade figures. One method is to remove chain designs to create a unique look for that particular location, whilst others include a social offer such as classes and events, where customers can enjoy the group atmosphere and learn new skills, as well as shop.
In a market where competition is fierce and customers are inundated with choices, these efforts can help to create and retain loyal customer bases, who buy into the brand as well as the goods. Another benefit can be from the business partnerships formed when expanding a store offer, meaning that sharing of insights and strategies – as well as floor space – can occur. A retail unit with multiple offers shows strong awareness of target audience and their needs, along with simply increasing time spent in store that is likely to turn into more revenue in the long term.