What Apocalypse? The Tiffany & Co. building on 5th Avenue & 57th Street in New York City may be the most enduring example of what traditional retailing looked like before the Internet arrived. So it’s striking that the Tiffany & Co. of 2018, faced with an onslaught of online #ecommerce, is responding by making a big new bet on that big old store. It’s investing $250 million in the 78-year-old flagship. It turns out that all over the disrupted and evolving #retail sector, companies are rethinking the mantra that the future is #digital, and pouring money into actual brick-and-mortar #stores. Three blocks west of Tiffany's store is the new 47,000 sq. ft. Nordstrom's Men's Store with a full store opening next door. Target has committed $7 billion to upgrade operations, and while the Minneapolis retailer hasn’t disclosed how much of that will go to improving physical locations, a spokeswoman said stores are an “incredibly important linchpin.” Why? Because the bulk of America’s retail is still done the old-fashioned way, in stores... {An "Apocalypse" is an event involving destruction on a catastrophic scale. Whereas "evolution" is the development of something, especially from a simple to a more complex form.} The Wall Street Journal
well written David, thank you - Nick?
Evolutionary Apocalypse? Apocalyptic Evolution? Whatever the case, love the article and the direction of Tiffany's, Nordstrom, Target and others that are re-investing into an old staple - I for one love online shopping, but need to go to a store and actual interact with the product sometimes.
Very well said David!??
The two realms of retail need to learn to live together and help balance our needs. But, what is important for all retailers is to learn to evolve and understand the changing needs of the customer and the marketplace.
And That is why the Airlines are (still) Flourishing.
great data points David J. Katz. Working closely with Target, I can state firsthand their commitment to physical store experience as the central "hub" of customer engagement and loyalty. Nowhere else can you touch, feel, learn, smell what's new or useful to your life. From there, you can decide to purchase online, mobile, subscription...yada, yada. But the store is still where you get inspired.
I wouldn’t dismiss physical retail just yet myself, I understand the disruption e-commerce through the internet and technology has caused but in my humble opinion there is nothing better than going to a physical store to get something. And there will always be need for a physical presence for retail no matter what disruption takes place.
yes! Shreyas Venkatasubramaniam?and I were literally just having a conversation about the revival of retail!? I don't think Brick & Mortar will die. We are obsessed (currently) with #ecommerce, but how long before we starve for connection?? I had this idea to launch a?#Backtothesenses?campaign to remind people about how important our other senses (like touch and smell)?matter.? Personally, I hate buying items online because I want to touch it, feel it, imagine myself with it, before I decide to purchase. Who's with me?
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6 年FWIW - I read something recently about a small trend among youth... where they are leaving social media and going... outside. I suspect retail may make a comeback as people relearn than meeting other people is actually quite... nice.