The Next Evolution: Store 3.0™
An executive perspective on retailer readiness for tomorrow’s store
Traditional retailers are finding it harder to keep pace with evolving consumer attitudes and expectations — and may not have time to catch up. They have come to a crossroads where they need to rethink how they can transform their stores, strategies, and operating models into a store of tomorrow — a Store 3.0™ — to attract the loyalty and larger share of wallet of customers.
Deloitte conducted a survey in September 2011 of 39 retail executives to understand how they are adapting their brick-and-mortar stores to a next-generation format. The survey results show that few retailers are leading the transformation to a Store 3.0™ environment. Many are grappling with how to create a well-integrated future store strategy — one that is attuned to the needs and expectations of the evolving consumer, brings the right technology into the physical space, and can deliver a highly satisfying experience. Plus, retailers are unsure about the roles and responsibilities of their sales associates in this new environment.
We believe that retailers who combine the best of both retail worlds — the sensory experience of a brick-and-mortar store with convenient access to extensive online information — can gain the upper hand in an intensely competitive environment.
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