What Does the Retail Landscape Look Like in 2018? Despite the widespread perception that brick-and- mortar retail is on the decline, the numbers say otherwise. According to PricewaterhouseCoopers’ (PwC) recent emerging trends survey, the long term growth rate for traditional retail sales has remained at a steady 4 – 4.5%. Although the industry is changing, the retail landscape is still strong. Here’s how it is changing, why it’s changing, and what to watch in 2018. Generational Need for “Gadgeteria” Will Change the Retail Landscape in 2018 Although most retailers are targeting millennials with new technology to infuse their strategies in 2018, their predecessors in the GenX crowd and those coming behind them in generation Z and Y are equally impressed with tech-centric retail. Still, there are a few important differences that PwC’s survey points out.
2018 Retail Landscape
Tom Johnson, CRE President of NAI Martens
For one thing, Gen Z is much less leery of laser-targeted outreach online and via mobile than pre- vious generations. This generation expects retailers to utilize social media, mobile, and the internet to target them with ads catered to their particular interests. A concept coined “gadgeteria” by PwC, Gen Z wants and expects retailers to know their prefer- ences and are willing to share them with companies, with one caveat – these businesses must be safe from hackers looking to steal their identities.
Targeted promotions that use geofencing to alert consumers in the vicinity of brick-and-mortar stores of deals based on their mobile browsing history are welcome innovations for a generation born into the age of e-commerce. Cashless pay- ment options, experiential shopping, and m-commerce are all welcome innovations for this age group whereas Gen X and Y find granular targeting a bit unnerving.
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