New Avenues Open for Brick-and-Mortar Retail
With Class B and C malls drying up and large chains going out of business as a prelude, the past few years have posed a fair share of obstacles for brick-and-mortar retail, from the lockdowns of 2020 to 2021’s COVID waves to the high gas prices and inflation of 2022. Yet with each new challenge, consumer demand for in-person retail and retail services has remained strong, with key categories repeatedly rebounding, says Placer.ai.
“In fact, many leading retailers, dining chains, and fitness brands did more than just bounce back,” the analytics firm says in a new white paper, titled Retail Trends Forecast 2023. “Many companies uncovered opportunities to establish new channels, grow into new markets, and cater to new audience segments – and these initiatives are already opening new avenues for brick-and-mortar success in 2023.”
Simultaneously, though, some of the larger challenges are likely to continue, which will also impact the wider retail space as the new year progresses. These are part of the conversation as Placer.ai’s white paper discusses some of the key trends likely to shape the retail landscape in 2023.
The firm looked at foot traffic data for leading brands and segments, dove into migration flows and analyzed office recovery patterns to predict what the coming year may have in store. Some of the findings focus on specific categories, while others apply across the entire retail spectrum.