By the BF Staff
From the March/April 2018 Issue
Everyone understands that the retail sector undergoing a significant transition. The growing preference of consumers for online purchases has cast a large shadow of doubt on the future of Big Box stores and shopping malls, which have been a defining staple of the American landscape for decades.
But, so far, emerging trends in 2018 indicate healthy growth on the horizon to retailers who are open to new ideas for creating customer for creating more customer-centric experiences.
According to a recent forecast from Deloitte, today’s retail trends are driven by the anticipation that consumers will spend confidently throughout 2018. Market growth is projected to reach a healthy 3.2 to 3.8 percent, with heated competition among store formats, channels, and players expected to continue.
Consumers are enjoying an ever-increasing proliferation of choices—larger established brands reforming with both online and in-store operations; and newer online or application-based-only entrants are emerging. Not surprisingly, consumers continue to hold elevated expectations for their shopping experience.
For many retailers, the workforce will serve an increasingly important dual in-store and online role. However, retailers should realize that in order to realize profitable growth in today’s highly competitive blended environment—where digital has the potential not only to influence, but also to capture market share—they would do well to contemplate a renewed strategy.
As a result of today’s retail trends, companies should consider recalibrating business levers, such as customer behavior analysis; value proposition recalibration; and operational model redesign.
Pragmatic adoption of advanced technologies presents retailers with ample opportunities to innovate across their value chains. According to Deloitte, here are some key trends:
- Inventive business partnerships have the potential to generate additional revenue streams while providing an ever-changing experience where the consumer feels in control of their journey
- Internet of Things (IoT) connectivity could empower consumers to check store inventory online while in transit and reserve products for purchase or pickup
- Digital demand and supply networks might shorten timeframes and reduce costs for at home or in-store deliveries
- Augmented, virtual, and mixed reality may help retailers further create an endless aisle and offer more enhanced options for providing experiential engagement, in-store or at home
Stay tuned, shoppers!
SETTING UP SHOP SIMPLE, SEAMLESS IN GOODYEAR, AZ
If you’re looking for a great place to live, work or locate your business in Arizona, Goodyear is the place to be.
Goodyear’s retail sector is flourishing with excellent developments ideal for retailers looking to expand, locate, or relocate in the Goodyear, Arizona market. The swift increase in residential communities makes doing business here even more attractive, as an influx of people look to call the area home. More than 78,000 people already benefit from, and enjoy, Goodyear’s dynamic shopping and theater district and diverse restaurant scene that includes over 100 establishments.
Local entrepreneurs and power retailers alike are finding success in a city that makes setting up shop simple with quick turnaround times and a customer friendly experience. Digital business amenities like acquiring a building safety permit by email and tracking various permits online help sweeten the deal for prospective retailers by eliminating red tape. “Over the counter” business permits also make it easy for individuals to obtain the documents they need quickly.
There is tremendous potential for growth in the retail market where starting or expanding a business is met with ardent support and development incentives. The workforce available to fill positions, from cashiers and customer service representatives to sales associates and regional managers, is among the best in the country. With a location just 30 minutes from the most innovative school in the nation (ASU) that contributes to the third largest labor pool in the West (1.56 million), retailers are able to draw talent from an abundance of educated, highly skilled, and eager graduates who make Goodyear a great place for connections and opportunities. And that’s exactly the story today. Recent graduates and longtime residents agree that Goodyear is their community of choice – 93% of Goodyear citizens rated it as a good or excellent place to live. 300 days of sunshine, scenic mountain views, golf courses, lakes, parks, and an assortment of cultural, educational, and entertainment resources are the amenities behind the city’s “A” rating.
Goodyear, AZ is synonymous with growth and opportunity. It’s one of the fastest growing cities in the U.S., enjoys a median household income that’s nearly $74,000/year, and maintains a world-class healthcare corridor anchored by Abrazo West Campus and Cancer Treatment Centers of America. Its vast accessibility and transportation connections via I-10 and Loop 303 make it a sought after place to do business in Greater Phoenix, and it’s already home to major employers like Amazon, REI, Macy’s, Sub-Zero, Huhtamaki, and Ball Corporation. With more than 4,000 acres of land available for development, a business friendly environment that offers enhanced permitting and minimal regulations, affordable housing options, and an excellent quality of life, it’s no surprise that retailers are choosing Goodyear, a city poised for banner achievements and industry success.
As residents will attest, the city of Goodyear is the American dream realized. Various organizations all agree, and the awards and accolades given to the city are commensurate with the feelings residents, businesses, and visitors alike share. Goodyear received the All-America City Award and City Livability Award, two national awards deemed prestigious and highly honorable. NerdWallet ranked Goodyear as one of the Best Cities in the Nation for Veterans (#3 specifically), and Movato ranked Goodyear fifth for Best Places Near Phoenix for Young Professionals and among the top for Best Phoenix Suburbs for Young Couples.
Propelling Opportunity. Powering Connections. That’s Goodyear, Arizona.