National retailers across the country are expected to increasingly experiment with the size and contours of their stores in the coming year.
According to a just-published Forbes essay, Walmart has already tested its traditional format through the building and opening of its smaller Neighborhood Markets. Similarly, the growing Target chain has increased its equally smaller Target Campus store brand.
But at the same time, notes the publication, Target recently revealed plans to invest in larger stores that offer “20,000 more square feet of space than its average store and include new store design features.”
The Forbes essay, penned by business strategist Shelley Kohan, also notes that “many retailers are adding features to support new shopping initiatives such as curbside pick-up, fulfillment from stores, and pick-up-in-store.”
In this category is the Bolingbrook, Illinois-based Ulta Beauty chain’s decision to redesign its outlets with new layouts geared to make it easier for customers to navigate the store’s offerings.
Into the mix of changed retail spaces comes the move toward repurposing and recalibrating existing mall space. By example, the Forbes piece notes the evolution of a project called Gravity in Columbus, Ohio, seeing the development of former retail space – yes, but mixed with offices, restaurants, apartments, and walkable space.
Similarly, New York Governor Kathy Hochul has unveiled plans for a $26 million project bringing together new retail space with high quality housing in downtown Oswego, New York.
Other retail trends to watch in 2023: increasing streaming TV ad space, larger social media participation, and seamless shopping experiences combining everything from live streaming, social media, mobile devices, and in-store experiences.
Kohan also predicts that as Generation Z consumers – those born between 1981 and 1996 – become an increasingly larger market presence, sustainability will become paramount: “Pre-owned products, recycling, and reusing are becoming more mainstream and increasingly expected by consumers.”
By Garry Boulard
