On the road in pursuit of retail success
#Week17 saw Innesco attend and actively engage with three major retail industry events, Completely Retail Marketplace, Retail Technology Show, and the World Retail Congress. The team got stuck in, both at home and abroad, supporting clients, soaking up industry insights, and forging valuable connections.
The trio of events kicked off at Old Billingsgate with Completely Retail Marketplace, hosting UK retail brands, asset managers, and landlords. Despite continued nods to the pandemic hangover with retailers and asset managers suffering lingering negative effects, there were many positive themes to raise the spirits.
The resilience of super-regional centres, which have adapted well to changing demands, provided reassurance; with notable trends including an increase in F&B tenants and generally diversifying to position themselves as a prime choice for full-day family visits.
Another key trend being discussed was smaller retail assets undergoing significant transformation to become mixed-use, with developers looking to add a residential component—in addition to downsizing the retail offering. From a retailer or brand perspective, the Soapbox event award winner GooTopia indicated the popularity of offering unique experiences. Parties also discussed the evolution of super-savvy consumers demanding brands that meet their specific needs.
The packed schedule continued with Innesco travelling to Barcelona to represent the World Retail Congress; the world’s leading forum for retail industry research, content, and events. Aptly themed "Retail Leadership for Extraordinary Times.", highlights included a retail industry deep dive from Marketing Professor, Scott Galloway, who discussed scarcity as a marketing play; how social media has shaped the Gen Z consumer; and the opportunities for AI to have positive impact in retail.
Accepting the award for Women of the Year at the Women in Retail Summit, Louise Greenlees, President of TJX, pointed to the importance of creating a company culture fostering employee individuality and success. The congress’ impressive line up of speakers included representatives from global brands LVMH, Zalando, Mango, Walmart, and Victoria’s Secret.
The Retail Technology Show at Kensington Olympia rounded out the week, hosting a thriving hub of Europe’s most forward-thinking retailers and leading tech innovators. With thousands of attendees and hundreds of companies, the team was struck by the increasing use of display technologies for points of sale, including e-ink displays and new payment architecture. There was a continued push to blend the physical and digital, with virtual shopping experiences continued in store, and technology facilitating a seamless transition through the full customer journey. Striking examples of tech facilitating a more immersive experience included large-scale LED screens capable of acting both as a transparent window as well as displaying full-colour motion graphics and video.
As retailers strive to keep consumers engaged and implement more sustainable practices, retail asset owners also look to the next stage of their evolution: all parties must move beyond a traditional offering and provide visitors with an immersive 360° entertainment and leisure experience. Retail isn’t dead—only growing to service customers in more innovative, streamlined ways.
It was fantastic to witness the enthusiastic participation of so many in the industry this week, both at home and internationally. These events offer the opportunity to engage in the tension at the core of successful retail: understanding people better.