Musings- Retail Shopping and Covid

Retail shopping is going to be a very different experience now on.

Shopping malls have some of the most lucrative square footage in the world, but the pandemic has crushed that calculus.

The role of the mall will (rather, has to) change from retail to experience. As such, there should be (if they want to stay in business) a wider range of services that the mall would provide, including product discovery and social commerce.

There is likely to be a shopping surge post-crisis. After the lockdown, shoppers are bored and feel a strong, compelling need to go out.

But discounts go only so far when it comes to converting browsing to purchase. Experience would become a key aspect of shopping and, hence, the appeal of physical stores could be greater than online purchases, at least for the medium term.

The shopper with money and seeking experiential shopping would expect exceptional service. Cutting down on store staff as a means to reduce costs would be a short sighted approach. The shopper will look for the interaction and experience at the stores. Creativity in keeping the consumer engaged and browsing is also a key differentiator.

But till such a time, dusty shelves, deserted parking lots, empty corridors, and eerily loud elevator music awaits.