Retail Trends You Need to Know

Retailers and merchandisers from around the world (33,000 to be exact) flocked to this year’s National Retail Federation’s big show in January.

Tip: “Provide a way to help consumers slow their pace and breathe. A few inviting chairs can convey a warm welcome.”

3.1% The NRF projects retail industry sales will grow 3.1% in 2016.
Here are 7 key retail trends for 2016 as presented by top retail experts speaking at the New York event…and what each of them means to you.

 

#1. CAUSES. “It’s very cool to care right now. It matters to the consumer that it matters to you.”

Leslie Ghize, EVP, TOBE

   What it means: Get involved in local charities or other causes that are relevant to both you and your patients/customers.

 

#2. GENERATIONS. “Other generations are now adopting many of the same traits as Millennials. Boomers want most of the same things. They just never asked for them…before.”

Stephen P. Joyce, CEO, Choice Hotels

   What it means: Don’t talk down to older consumers. They’re learning to want it all…just as your younger customers already do.

 

#3. DIGITIZED MALLS. “In the near future, when a consumer pulls into the mall garage…a camera will identify her, the IT system will direct her to parking near the store she is most likely to visit and will begin downloading offers to her phone.”

Steven Lowy, CEO, Westfield Corp.

   What it means: Even if you’re a small business, you need to upgrade your ability to communicate in real time.

 

#4. QUESTIONS. “So many merchants want to know two things about customers: Who are you, and what do you do? We ask a third question: What do you stand for?”
Andrew Parietti, president, Outdoor Voices

   What it means: From front desk to exam room, you need to send a consistent message.

 

#5. 2016. “The NRF projects retail industry sales will grow 3.1% in 2016. Good news. That’s higher than the 10-year average of 2.7%.”

Treacy Reynolds, Media Coordinator, NRF

   What it means: Consumer spending will be up. That’s good news for you.

 

#6. 2015. “The economy had a bumpy ride, with fits and starts. Retailers continued to find ways to compete and succeed in a very cost-effective environment.”

Jack Kleinhenz, Chief Economist, NRF

   What it means: It’s important to find new ways to be competitive in the eyes of a consumer who is watching his or her wallet.

 

#7. MERCHANDISING. “In the era of experiential retail, the challenge is to help consumers slow their pace and breathe. A few inviting chairs can convey a warm welcome.”

Susan Reda, Editor, Stores Media

   What it means: Look at your location and see if you’re helping consumers take a pause (though not a break) as they begin their visit.

 

 

What new retail and business trends do you see in your business? Are there any changes you’re making to your location or the way you manage the patient experience? Tell us about it and join the conversation on our Facebook page here.

Erinn Morgan