A focus on smaller local stores, more acquisitions of retail companies by non-traditional buyers and an increased focus on wellness are among the top industry predictions for the coming year.
That’s according to Berns Communications’ Retail Influencer Network, whose members were asked for their insights on where the industry is headed as global vaccination efforts accelerate and retail and related sectors regain their footing. (The Retail Influencer Network is a carefully selected group of senior business leaders and influential investors and analysts.)
According to the experts, here’s what to expect in the coming year...
A shift in consumers’ values:
• Wellness will be considered a necessity, not a luxury, according to Mindy Grossman, CEO of WW. The pandemic has prompted consumers to rethink how they live, how they work, what they value and what they want in their life, she says. They’ve turned their attention to health and well-being and will look to shop from trusted brands that marry technology with meaning to help them live better, more connected lives.
• Employees will still want to work remotely, predicted Greg Petro, CEO of First Insight. They’ll likely want to dress up and return to the office on occasion, but after sitting in traffic and being late for the morning meeting a few days in a row, they’ll be asking to work from home again forever, he says.