Our last few blog posts have focused on the need for convenience when it comes to online media and e-commerce, due to consumer behavior shifts after the pandemic. I think now is a good time to focus on the consumer behavior shifts with physical retailers.
The biggest disruptor of physical retailers was e-commerce, however, now there’s a bigger player in the game: Work-From-Home (WFH). Lee Peterson, executive VP of thought leadership and marketing at WD Partners, discussed the new WFH phenomenon during the NRF 2022: Retail’s Big Show event, stating that consumers are now thinking differently because they’re in a different place.
As a result of the WFH phenomenon, e-commerce is now the preferred method of shopping, and surveys show if they were to visit a physical store, it would most likely be a local one, within a 3-mile radius. That’s compared with outdoor malls, downtown shopping areas, and indoor malls.
Some brands are already making moves in order to cater to these consumer behavior shifts with the Target local stores (the smaller versions in more residential areas), Nike’s Unite concept, Express Edit, and Victoria’s Secret plans to open standalone stores outside of malls.
Peterson closed his presentation by introducing the concept of the “15-minute city,” a residential urban concept inspired by scientist Carlos Moreno, a common concept in Europe, already. Everything a person might need is available within a 15-minute walk or bike ride. This may be the phenomenon physical retailers were waiting for to bring the concept back to life.