Once bustling retail streets go vacant, while some are making big bets on retail...
Nearly 20 percent of all retail space in Manhattan is currently vacant, compared with roughly 7 percent in 2016. A survey conducted by Douglas Elliman found that Manhattan storefront vacanies are at an all-time high. Even in a booming, prosperous economy. The paradox? Many brands (particularly online retailers) are opening physical stores.
Everlane once claimed they’d close operations before opening brick & mortar. In 2017, they opened a store in SoHo.
Warby Parker, the impetus of D2C ecomm, now has 100 stores nationwide.
Restoration Hardware is doubling down on their retail spaces, opening a 90,000-square-foot, six-level retail experience featuring a rooftop restaurant in New York Meatpacking district.
What does this mean? Physical retail is certainly not dead, we say it’s actually more important than ever. That said, it’s about using your physical presense in a purposful way. It’s not about having a single point of contact with your consumer (be it digital or physical) it’s about brand fluidity and choice. It’s about having multiple ways for people to experience your brand, each with an intentially unique interaction that ladders up to your full brand ecosystem. In New York City, we see retail undeniably skewing more toward brand exprience than being just a shopping channel.
Keep exploring this topic:
- Interactive Map of New Yorks Store Front Vacancies: https://www.nytimes.com/interactive/2018/09/06/nyregion/nyc-storefront-vacancy.html
- 22 Experiential Stores in NYC https://www.retaildive.com/news/22-experiential-stores-nyc-has-to-offer/525669/
#retail, #experiences, #omnichannel #brandfluidity