Retail's Future: Experiences and Personalization by 2025
A new report, 'Westfield How We Shop: The Next Decade', predicts a significant shift in retail by 2025. The study, based on 15,700 consumers across ten European countries, reveals that shoppers increasingly crave unique experiences and personalized services. By 2025, more than half of retail space will be dedicated to experiences, marking an 'experience tipping point'.
The report identifies five key trends shaping the retail industry's future. 'Upside-Down Retail' foresees a shift towards experiential spaces, with 56% of UK consumers expecting retail spaces to allocate more than half their square footage to experiences by 2025. 'Anti-Prescription' highlights consumer frustration with inaccurate online recommendations, with 52% of UK consumers feeling frustrated.
'Self-Sustaining Stores' reveals a strong demand for in-store product creation, with 70% of UK shoppers wanting brands to make products while they wait or have them ready-made in-store to reduce waste. 'Retail Surgery' could be worth up to €4 Tn per year across Europe, as retailers precisely diagnose shoppers' needs based on facts rather than assumptions. 'Locally-Morphed Retail' shows that 69% of UK shoppers want retail environments to reflect the individuals and communities in an area.
Unibail-Rodamco-Westfield's report underscores the evolving retail landscape. By 2025, retailers must prioritize unique experiences, personalization, and community engagement to meet changing consumer expectations. The future of retail lies in understanding and catering to these trends.
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