The health of a retail business can no longer be judged solely on its sales figures.
For the brands thriving in this new world of retail, physical shops are opportunities to engage with customers, build brand loyalty and channel people towards their online presence. They are ways of boosting social media presence, driving digital sales and marketing ploys.
Rules are always hard to pin down, since every store and business is so different. Some general guidelines, however, can be summed up in the phrase “it’s not about the destination, it’s about the journey”. Engage customers the whole way through their experience with your brand, and see your success as an evolving beast, not a static turnover or profit margin.
The number one rule of new retail? Stop trying to quantify everything in a spreadsheet. A successful business is so much more than sales per square foot, and even the big players are finally starting to realise it.