The Experience Economy

Reimagining Retail for Department Stores & Shopping Malls

Here are some actionable solutions and ideas for department stores and shopping malls to thrive in the new chapter, “The Experience Economy.”

*Transform retail spaces into dynamic hubs by curating unique collections that tell stories and cater to specific interests. Collaborate with local artisans, host thematic pop-up shops, and offer exclusive product launches.

*Create “edutainment” centres by providing workshops and demonstrations related to product lines. Envision cooking classes in a cookware department or DIY furniture customisation workshops alongside home decor collections.

*Leverage technology with AR/VR experiences, enabling virtual product trials and interactive displays with AI-powered styling consultations.

*Foster a sense of community by hosting events, meet-ups, and clubs around shared interests. Establish social spaces like cafes, co-working areas, or rooftop gardens. Partner with local influencers for talks, workshops, and product launches.

*Tailor offerings to the local community’s needs and interests. Celebrate local talent, culture, and partnerships with businesses for an authentic experience.

Extend the experience online with virtual tours, live shopping events, and exclusive content. Ensure a seamless omnichannel experience for customers to browse, purchase, and engage both online and offline.

*Prioritise convenience with click-and-collect options, self-checkout kiosks, and mobile payment solutions. Explore advanced options like delivery robots or drone services.

*The transition from being a landlord to a platform by partnering with brands for co-branded experiences envisions pop-up restaurants collaborating with fashion brands or tech companies and hosting workshops with electronics retailers.

*Champion sustainability by partnering with eco-conscious brands, offering repair services, and showcasing recycled products. Support local charities, communicate sustainability efforts transparently, and engage in social responsibility.

*Personalise the experience using data and analytics for tailored recommendations, preferences, and exclusive event access.

*Emphasize storytelling by creating a unique atmosphere, visually appealing displays, and training staff as storytellers who connect with customers emotionally.

By embracing these trends, department stores and malls can evolve into vibrant destinations that offer more than just shopping. They become community hubs, cultural centres, and incubators for new experiences, capturing the hearts and wallets of experience-hungry consumers.