The Physical Store Requires Radical Reinvention to Survive, Warns New Report from PlanetRetail RNG

LONDON, Oct. 12, 2017 /PRNewswire/ -- PlanetRetail RNG, an independent research and advisory firm for consumer goods retailers and brands, today published its Store of the Future 2017 Winning Strategies report, which recognises the urgent need to reinvent physical stores. As physical store growth slows, retailers are urgently looking to reshape their existing physical assets by reimagining the store of the future.

"Retail stores are under threat, with the rate of new store openings and average size of stores being in decline every year since 2014," explains Robert Gregory, Global Research Director at PlanetRetail RNG. "Stores are facing competitive pressures brought on by the shift to online as well as social and economic factors which are limiting the appeal of big-box stores for many consumers. However, with such stores still accounting for the majority of most leading grocery retailers' sales, it is crucial for leading operators to reinvent their physical assets to ensure they remain relevant for the future."

The 2017 Store of the Future report examines:

• the global STEIP drivers that are creating the necessity for leading players to reinvent their stores;
• the impact the shift away from stores is having on leading retailers and their suppliers;
• the key characteristics of the Store of the Future and an evaluation of the latest examples launched by retailers globally;
• the key capabilities required to succeed against the strategy and how they should be prioritized;
• implications and recommendations for both retailers and suppliers.

Findings from the report reveal that while the rate of new store openings will halve between 2014 and 2022, the top 5 largest grocery retailers (Walmart, Costco, Carrefour, Kroger, Seven & I) will still generate an average of 77% of their sales through big-box grocery formats by 2022. Retailers therefore must improve the relevance of their physical stores through adopting store of the future characteristics.

"As the digital evolution continues, the physical store will transform into an experiential and social hub, curating products and fulfilling orders," said Xian Wang, Global Content Director at PlanetRetail RNG. "If CPG brands can understand this and what the Store of the Future will look like, which is the goal of our annual report, they can ensure they are positioned to add value and grow their retailer relationships."

Using the company's proprietary STEIP methodology, which identifies the most important drivers of industry change and forecasts their impact on the future retail landscape, the goal of the report is to provide leaders with the expertise, competitive advantage and confidence to positively shape the future of retail and their success in it.

For more information about PlanetRetail RNG's Store of the Future 2017 Winning Strategies, contact us.

About PlanetRetail RNG

PlanetRetail RNG is a global intelligence and advisory business exclusively focused on retail. We track over 2,000 leading retailers and have built a proprietary and globally comparable macro-economic model, with over 4.5 million data points. Through applying our STEIP methodology, we identify winning strategies that give our clients competitive advantage in understanding where to play and how to win. 18 of the top 20 global retailers and hundreds of global brands work with us to identify and drive the future of retail and consumer purchase.

For more information, visit www.planetretailrng.com.

For more media inquires, please contact:

Jane Lucken, Global Head of Marketing, PlanetRetail RNG:
44 (0) 203 033 4211

Pola Hallquist, Apothecary Communications:
[email protected]
(866) 213-9210 ext. 801

SOURCE PlanetRetail RNG

Related Links

http://www.planetretailrng.com

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