New Concepts in Retail

March 2022

Retailers are pushing the boundaries of innovation. Euromonitor International’s annual New Concepts in Retail report highlights how these efforts are reshaping the retail environment. This edition explores innovation across three key areas: Rethinking the Store; Digital Engagement and Shopping; and Social and Environmental Responsibility. These three themes emerged from trends expected to have the most influence on retail in the near term.

USD 1,325
Request More Information

Delivery

This report comes in PPT.

Key findings

Competing forces continue to reshape today’s retail landscape

Societal, consumer and industry shifts are converging to reshape retail. Within these broader shifts, there are several competing forces at play that, when taken together, will dictate where retailers will look to innovate and how the industry will evolve in the future.

Theme No. 1: Rethinking the Store

Continued expansion of the digital channel requires retailers to reinvent their bricks-and-mortar space. Supporting digital fulfilment, testing out experiential shopping and reducing physical selling space are adaptations seen in response to this channel shift.

Theme No. 2: Digital Shopping and Engagement

Online customers keep raising their expectations of the shopping journey. Now, companies are racing to establish themselves at the forefront of digital transformation. Digital shopping and engagement remain top strategic initiatives, with virtual technologies playing a big role. To date, AR and VR have been some of the most-used technologies.

Theme No. 3: Social and Environmental Responsibility

Retailers must go beyond providing quality products to now also showcasing their corporate, social and environmental responsibility credentials. These strategies are coming to life through eco-friendly packaging, circular business models like renting and reselling, ethical production, services for underserved demographics or partnerships with minority-owned businesses.

What’s next for retail?

Technology continues to break down barriers, leading to the rise of digital touchpoints as well as challenging the store’s role. These shifts are reflected in the strategic priorities of retailers. To remain relevant, retailers must identify how the competing forces will impact their part of the retail world and then conduct scenario forecasting to map out their strategic direction.

Scope
Key findings
Competing forces converge to reshape tomorrow’s retail landscape
Period of rapid change has put pressure on the industry to speed up innovation efforts
This report will explore retailer innovation through the lens of these three themes
Reinventing the physical store for the future will require a shift in store formats
The aim of new in-store experiences will focus on elevating the brand
Stores will remain the largest and most important channel globally in the coming years
Case Study: Dick’s Sporting Goods House of Sport store showcases impactful experiences
Case Study: Delipop opens a multi-chains click-and-collect grocery location
Case Study: Coop Prix introduces a new store format that is movable and unattended
Case Study: IKEA tests concept to encourage consumers to linger rather than checkout
Case Study: adidas' take on what a smart and engaged physical retail experience can be
Additional case studies (1)
Additional case studies (2)
Investment accelerates as digital transformation impacts digital commerce
New forms of engagement gain strength, blurring the lines between online and offline
AR/VR set to experience increased interest from consumers and retailers
Case study: Warby Parker App offers a convenient alternative to in-person eye exams
Case Study: BGF Retail Co Ltd launches digital store expanding upon brand presence
Case Study: H&M connects digital and physical in partnership with Nintendo
Case Study: V-Avenue.Co leverages AR to power a new digital shopping experience
Case Study: Zalando innovates by bringing streetwear to the digital streets
Additional case studies (1)
Additional case studies (2)
Consumers are increasingly willing to put their wallets only where their intentions are
Definition of sustainability has widened for businesses during pandemic
Consumers are making decisions with environmental and social challenges in mind
Case Study: Movil Market 1070 provides elderly shoppers with easy-to-access products
Case Study: HACEB ventures into rental services to increase the sustainability of appliances
Case Study: Coop empowers consumers with greater product transparency and information
Case Study: Rewe Group explores urban farming in sustainability push in Germany
Case Study: variety store MUJI opens its first sustainability-focused outlet in Japan
Additional case studies (1)
Additional case studies (2)
Staying relevant amid change starts with understanding the competing forces at play
About Euromonitor’s Syndicated Channels Research
About Euromonitor’s Consulting Innovation Practice

Retailing

Sales of new and used goods to the general public for personal or household consumption. Excludes specialist retailers of motor vehicles, motorcycles, vehicle parts, fuel. Also excludes foodservice, rental and hire and wholesale industries (Cash and Carry). Sales value excluding or including VAT/Sales Tax. Retailing is the aggregation of Store-based retailing and Non-store retailing. Retailing excludes the informal retail sector. Informal retailing is retail trade which is not declared to the tax authorities. Informal retailing encompasses (a) sales generated by unregistered and unlicensed retailers, ie retailers operating illegally, and (b) any proportion of sales generated by a registered and licensed retailer which is not declared to the tax authorities. Unregistered and unlicensed retailers operate predominantly (although not exclusively) as street hawkers or operate open market stalls, as these channels are harder for the authorities to monitor than permanent outlets. Activities in the illegal market, which is usually understood to refer to trade in illegal, counterfeit or stolen merchandise, are included within our definition of informal retailing. Activities in the “grey market”, which is usually understood to refer to trade in legal merchandise that is sold through unauthorized channels – for example cigarettes bought legally in another country, legally imported, but sold at lower prices than in authorized channels – will be included as informal retailing if no tax is paid on sale by the retailer. However if the retailer pays tax – for example on cigarettes bought legally in another country but sold at a lower price than standard – the sale is included within formal retailing. In relation to click and collect purchases (i.e. where purchases are made over the internet but picked up at store) where the sales data is attributed depends on where the payment is made: If payment is made in store, then the sale is included in store-based sales. If payment is made over the internet, then the sale is included in internet retailing.

See All of Our Definitions
Share:

NEW REPORT GUARANTEE

If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!