What does 29,565 days and the new face of retail have in common?
As humans, on average, we have around 29,565 days on Earth. What does that have in common with the future of the high street?
Firstly, we need to find out what the purpose of physical retail is.
Think back to 2008, when the UK lost the institution known as Woolworths, a stalwart of the high street; it was shocking! How could we lose the place we got our pick n mix! A few years later and the likes of Phones4U, Blockbuster and Comet, all household names in their own right, would also share Woolworth’s fate. It might’ve seemed surprising in 2012, but anybody paying close attention to the digital space knew this was inevitable. This marked the beginning of the transition from the physical high street to the online marketplace.
Retail marketer WARREN RICHMOND soon realised this.
The traditional physical retail business model no longer appealed to the new tech-savvy shopper, for whom convenience is above all.
The business model of physical retail is still designed around how to best sell products, though many of the people still going into shops in person end up buying online.
How does that link to the fact that we as humans (on average) have 29,565 days on earth?
Well actually, there are 2 ways it links:
- What do we do in those days?
- How can retail help us live a better life every day?
We spend most of our time, 26 years in fact, in bed, and over lockdown, we’ve spent even more time than usual resting at home. Our next big-time spender, at a whopping 13 years, is work. So this begs the question:
What do consumers want and need going forward and how does retail help promote the tools to support doing work?
4127 days are spent looking at a screen; that’s 11 years and 4 months.
What is retail doing to educate about the dangers of excessive screen time?
1583 days are spent eating; that’s 4 years and 6 months.
Retail is trying to sell you products to cook and prepare food. Instead, they should be selling us the idea of good, tasty and nutritional diets. Basically the food itself! That’s the exciting bit.
485 days are spent exercising in your lifetime; that’s 1 year and 4 months.
1146 days are spent on holiday.
395 days are spent on romance and finally…
365 days are spent socialising.
So what’s left and how does this affect retail?
There are 4595 days left. That’s a lot of time that retail needs to fill with great and innovative products! That leads us back to our question, what is the purpose of physical retail?
There are 4 things to consider:
- Humans want to discover.
- The online purchase trend is here to stay.
- There is too much digital choice.
- A new breed of innovative brands are on the rise.
If we consider that, then you realise that to change physical retail to cater towards the new shopper, you have to change the purpose of physical retail.
At Situ, we aim to change retail into theatre and education. This means that the new purpose of retail will be measured not only by-product stock, but by the experience, you provide in helping others discover things for a better life.
In conversation with the host of the Home Grown property series, Pippa Wotmaugh was joined by speaker Warren Richmond is the CEO & Founder of Situ Live & Revium Group and Chair for Retail Marketing Group.
To continue learning you can watch the full event here
Warren Richmonds’ career has, and will always focus on storytelling and the desire to deliver the best possible experience for shoppers.
Why not connect with Warren on LinkedIn here.
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