How bike lanes make bricks and mortar retailers compete for internet customers.
Three quarters of retails sales growth during the 21st century has been through online channels.
If you are a brick and mortar retailer you are losing customers to the Internet’s ability to offer lower prices plus the convenience of free delivery. The obvious implications are that you must make radical changes to remain competitive.
The questions is what changes? Smart cities are emerging as an answer.
The 21st Century Retail Store Location Parameters
It was easy to grow sales in the 20th century.
The secret sauce involved putting a store in a shopping malls that offered acres of free parking to surrounding suburb homes. This success formula now confronts a new demographic reality.
The millennial generation is choosing cities over suburbs. That is hugely important because in 2017 the millennial generation will displaced the boomer generation in annual buying power.
Here are three key retailing attributes of the millennial generation:
1. They love Amazon Prime.
They are choosing this retail purchasing path over shopping malls. Amazon Prime makes them feel special. It is super convenient. And they, like most Americans, love a deal.
2. Millennials embrace cultural diversity.
This is the most diverse generation in America’s history. Uniformity (mass production and advertising) is a turn off. To attract their purchases you have to offer a diversity of product and social experiences.
3. Millennials are hugely social.
Much attention is focused on their social media. But as importantly, they love living in a community where they walk and bike and socially engage. Think meet ups in locations they can walk and bike to.
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