CultureLabel

Some words on retail from the legendary Coolhunter.

We love great retail. We want to find it; we use it as therapy, as entertainment, as an escape, as fantasy. Yet great retail stores are much scarcer than mediocre stores. We all can list many stores that underwhelm us, yet we visit them daily. Mostly, because we must. Just think of your run-of-the mill grocery store, convenience store, drug store, gas station, department store, big box. Even the newest “concept” versions of many brands are bland, boring and basic; designed for the retailer and its suppliers, not the consumer. They are designed and re-designed without challenging old retail “truths,” and so the result is the same old.

We as consumers shop for two broad reasons: Either because we must, or because want to. We have resigned to the fact that when we shop for items we must buy — gasoline, medicine, food — the stores will not look great. And yet, we’d most likely prefer shopping at a gas station that isn’t scary, dirty, neon-lit and dull, or in a drug store that doesn’t look like a warehouse for the most powerful brands. Even in today’s multi-channel environment where consumers can stay at home and shop for necessities online, many retailers still assume that consumers don’t notice or care.

As business people, and as consumers, we know that retail today is more challenging and complicated than ever. Consumers shop less and demand more from each experience. They spend less and demand more value. In all categories and at all price levels, consumers look for value in the end, but value is not the same as cheap. Value is defined by the consumer as: Is it really worth my time, attention, money? The joy, prestige and pleasure produced by a newly acquired tech-toy or pair of shoes — expensive as they may be — make them worth the price to the consumer. And if the shopping experience was awesome, we have something more to tell our friends.

Regardless of segment or even price, today’s power retail is all about authenticity, consistency and experience. Retailers must be nimble and adaptable, and evolve with consumers’ tastes and needs. Consumers can find everything online, so the in-store experience must give them something that is much, much better. Stores must be relevant, engaging, fresh. They must offer an emotional connection, interaction, excitement.