What is a Concept Store?
The Concept Store is where retailers and brands test new ideas such as store layout and fixtures and design, launch specialty products for a targeted audience, introduce lifestyle services such as on-site tailors and restaurants, and deploy interactive elements such as augmented reality studios.
Experiential Retail refers to elements that enhance the In-Store Customer Experience, such as private client retailing, cafes and live music, and virtual reality games.
Most retailers consider a single pilot store as a concept store. The more innovative retailers embed experimental attitude into their flagship stores.
5 Must-See Examples & Case Studies of Experiential Retail (NEW in 2020):
Retail-Tech Trends in 2020
2020 welcomes a new decade in retail with a focus on technology, stores, and ecosystems:
New York has some of the biggest and best known department stores in the world. But they didn’t just gain such status through their age or product offerings. Spaces like Bloomingdale’s, Saks Fifth Avenue, Macy’s, Bergdorf Goodman and Nordstrom invest a lot of time and money into innovation to keep the customer experience, and back-end operations, as good as it can be.
With that in mind here are ten of the best innovations from New York’s department store giants:
1. Macy’s One Below
This 53,00sqft space within Macy’s Manhattan flagship may be aimed at millennials, but there are some interesting personalisation offerings among the selfie walls. A 3D printer from 3D Systems Cube lets customers print their own jewellery and phone cases, while links with big brands means shoppers can end up with a product that’s very personal to them. That includes building their own Fossil watch and adding an engraving, or laser-etching designs on their Levi jeans.
2. Saks Fifth Avenue 24-hour personalised ecommerce service
The home of numerous innovations, Saks Fifth Avenue’s latest development aims to bring the in-store experience to online shoppers – any time of the day or night. The 24/7 personalised ecommerce experience (powered by Salesfloor) lets Saks Associates create customised boutique pages with a personally curated selection of Saks products, and share them with new and existing customers.
Associates can also offer advice through live chatbots, email or scheduled appointments giving customers the personal shopper experience wherever they are.