Shrinking Retail Space Trend 2020
Small Footprint Retail Stores Are a Thing for 2020
As many world-leading retailers launch new smaller footprint retail stores, store fixture display design becomes more critical than ever. Having to do more within a smaller space is a challenge that Geron Associates has provided solutions to for years. Shrinking retail space has been happening for several years and will be a robust tool for retailers in 2020.
The overall retail footprint has been shrinking for some time now. Retailers such as Target's new City Stores are smaller now, ranging in the 15,000 to 40,000 square foot size versus the more traditional 150,000+ square foot space of their large stores.
IKEA has also built smaller retail spaces by creating small footprint urban planning studios with showroom displays.
Walmart Is Making Big Changes by Going Smaller
Walmart has added many smaller gas station/convenience stores that utilize state-of-the-art POS retail displays and digital signage. They have big plans for this smaller retail footprint store design. They recently launched their AI-managed future store in their Walmart Neighbourhood market in New York State; it is called Store Number 8.
Amazon Switch to Small Footprint Retail Stores
Amazon decided to close all 87 of their pop-up stores recently and quickly move forward with their new Amazon Go small footprint retail convenience stores. These small-footprint retail stores feature AI-driven advanced no-checkout systems built for large city center environments. Utilizing user-friendly retail displays for easy access to all products, they can directly integrate sales and product aisle information with customers' mobile devices. Their merchandising displays are aware customers are in the store, what they are looking at, and can direct them to any other products they may be looking for.
Bricks & Mortar: Locations Location
Everyone from the most oversized bricks & mortar retailers such as Walmart and Target to online sales titans like Amazon understands the unmatched experience that bricks & mortar can provide. Convenient location, targeted presentation, and manageable size are a combination that can deliver an exceptional customer experience.
Finding the right mix of location, store size, and product mix have always been a more demanding task for all successful retailers. Designing, building, and delivering advanced retail display products and retail environments to the retail industry has always been our focus at Geron Associates.
Artificial Intelligence and Your Smaller Retail Footprint
Retailers will increasingly depend on AI to automate their operations and control information flow. Even small retailers can now afford new AI tools to accomplish this. AI-powered assistants are now available to help small retailers help manage inventory, analyze sales, spot trends, and recommend product mixes. Having an AI assistant supply real-time information can help you maximize stores by neighbourhood trends, adjust product allocation to each store, and maximize sales per square foot in all your locations.
Adding AI to the mix of retail store tools means integrating it with state-of-the-art POS, digital signage and proven retail merchandising display design to make it all work is more important than ever. Shrinking retail space requires more focus and better data to attain sales growth. Real-time information access directly from the store floor is a new weapon retailer of all sizes now have available to them.
Contact us for more information!