The retail industry is no doubt undergoing a significant pivot in the way it conducts its business today. When it comes to retail, the mixture of online and in-store experiences is still being worked out to find the right balance.
As Jimmy Choo’s co-founder Tamara Mellon is set to speak at Fortune’s Most Powerful Women Summit next month, she shares just what she believes the future of the retail industry will become over the next few years. Upon founding her own company separate from designer shoe brand Jimmy Choo, Mellon learned the important lesson that the retail industry has changed and a new approach is now required for success moving forward.
In regards to where the future of department stores will be, Mellon shared how the restructuring of brick-and-mortars will need to be. She said “Department stores are not going to be able to just have racks of clothes hanging up anymore. They need to think about what they’re giving their customers. They can’t just be real estate holders. What kind of experience are you giving customers? What can we give them instead of racks of clothes?”
Mellon reiterated the point that consumers aren’t looking for traditional brick-and-mortar locations and how online has changed this. She said “People still want physical experiences but they want it in a new way. They don’t want department stores. They want to be part of the tribe, like with the Nike Experience stores. You’re part of a community. So, I think physical will continue.”