2nd July 2019
The usual L&D post takes a slight detour this week, as we explore how the retail space is starting to encroach on this sector.
As part of their 10 year anniversary celebrations, Westfield have been looking to the future and have worked with a range of specialists to create ‘Destination 2028’. As the name suggests, this body of intel predicts the future of retail will blur the lines between leisure / entertainment destinations and shopping centres.
Through their research, they have recognised that consumers will increasingly demand a more holistic experience. Brands within the retail sector are looking to meet these new expectations through ‘retailainment’ – an offering which brings together leisure, wellness, community and experience, alongside shopping.
In particular, ’Destination 2028’ has predicted the following key trends:
- Using new technology to personalise the retail experience, such as eye scanners and smart mirrors
- Giving greater focus to health and wellness, to create spaces that are more environmentally conscious
- The concept of ‘Classroom retail’, with consumers learning from brands
- Combining the sharing economy with traditional retail outlets
It’s important that retailers remain abreast of these changes in consumer habits / behaviours and adapt their offering accordingly. However, those within the leisure and destination sector also need to be following these developments, as this will bring in new challengers to their markets.