Re-inventing Retail: It’s Not Just for the Big Guys

Re-inventing Retail: It’s Not Just for the Big Guys
Smaller Stores are Joining the Latest Retail Real Estate Trend
By Melissa Sievwright – VP, Marketing

In a previous post we shared some of the latest developments in the re-invention of retail – a chapter of our industry’s history that is being written right now. But in case you thought only businesses with mega budgets, like Reebok and Target, could be re-inventors, think again. Independents and small chains are that ready to get creative can transform retail, too. Many of the tenants in the shopping centers managed by Levin are starting to explore the possibilities. Here’s a quick look at some of the winning tactics in this growing retail real estate trend.

Going Hyperlocal Drives Shopper Traffic and Customer Loyalty
The connection between small businesses and their communities is a powerful one, and something that cannot be duplicated online. People are interested in what’s going on locally and prize locally sourced products. Retailers who want to stand out are tapping into this interest and partnering with their closest “neighbors” to bring shoppers into their stores for events and special promotions.

The Seven Most Popular Recipes for Small Store Re-invention
Keeping the hyperlocal connection in mind, re-inventors with small budgets are turning their stores into destinations. The most popular templates are proving to be:

1. Samplings, with food and beverages from local sources.
2. Art shows, with displays by local artists and crafts people.
3. After-hours shopping, with special openings for VIP customers.
4. Product demonstrations.
5. Holiday tie-ins (not just in December), with a special day in every month.
6. Classes, featuring everything from crafts to accessorizing.
7. Charity, with events that benefit organizations (the more local the better).

Successful Re-inventors Look Beyond Their Core Business
Whether a retailer is large or small, they must provide a compelling and relevant customer experience (“shopper-tainment”) if they want to re-invent. That means thinking of themselves as more than a supplier of goods or services. The big players provide great examples. Staples is a source of business support, not just a place to buy supplies. Reebok is not just about gym clothes, it is about a lifestyle. Following these models, a wine store becomes a source for entertainment ideas. A hair salon becomes a place for relaxation and “me time.” The wine store offers samplings from local caterers on Friday evenings. The nail salon has a free mini-massage day. This is re-invention at its best.

Social Media Powers Small Retail Re-invention
Not surprisingly, social platforms are proving to be the retail re-inventor’s best friend. They are being used to announce in-store experiences and for post-event coverage. Instagram and Pinterest, since they are so visual, are popular choices. Live broadcasts from events on Facebook’s Livestream and Twitter’s Periscope are trending as well.

These are exciting times for the retail industry. The big players are breaking the boundaries. But there also is a lot of creative action with a hyperlocal flavor at the grassroots level.

For more about re-inventing retail and smaller businesses, check out:
http://www.snapretail.com/blog/be-the-host-with-the-most-and-stay-under-budget/

http://www.retaildoc.com/blog/attracting-customers-to-experience-the-store-is-only-half-of-retail-success

http://www.nynow.com/industry-insights/how-to-create-amazing-in-store-events