Where Consumers Will Buy | Retail Reborn Season 2

The Business of Fashion Podcast

The Business of Fashion

Fashion & Beauty, Business, Arts

4.6 • 770 Ratings

🗓️ 28 March 2022

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

Associate professor Thomas J. Campanella, ‘Godmother of the Metaverse’ Cathy Hackl and Stôur Group co-founders Sonny Gindi and Eden Melloul join Doug Stephens, founder of Retail Prophet, to discuss how physical and virtual consumer landscapes are evolving to meet next-gen consumer demands.

Presented by Brookfield Properties, BoF investigates the consumer of tomorrow — how new fundamentals will shape the lives and behaviours of the next-generation consumer, and the impact on the retail industry today.

We begin by examining the redrawing of city life as new lifestyle patterns have propelled a seismic shift in the urban landscape. Globally, cities experienced a mass exodus of residents and commuters as the pandemic popularised remote living and working.

The episode goes on to discuss how retailers are exploring innovative methods and use-cases for physical retail to better engage consumers in-store, such as New York’s Allure Store and its focus on media as the store’s metric for success.

The conversation also illuminates the fast-emerging retail opportunities within the metaverse, discussing luxury fashion and beauty’s initial steps into this space, and the potential in leveraging the likes of NFTs, skins and blockchain technologies. Indeed, BoF and McKinsey & Co.’s State of Fashion Report 2022 cites estimates that the total addressable market for digital fashion is $31 billion.

Follow the series to ensure you never miss an episode and discover actionable insights into the opportunities and challenges the consumer of tomorrow will bring, and how retail’s transformation will impact your business.

Brookfield Properties is building marketplaces of the future that meet the needs of the modern shopper. Discover more.

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Transcript

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0:00.0	From the suks, markets, and bazaars of the Middle East Europe and Africa to the suburban
0:07.6	shopping mall and now the internet, one unassailable truth has remained consistent.
0:13.8	Wherever humanity has chosen to gather, retail has never been far behind.
0:19.9	Perhaps at no other time in history has the future whereabouts of
0:24.0	consumers become less predictable and the future of retail more complex. After all, the pandemic
0:30.8	threw into question the nature of work, education and communication, and almost every other aspect of
0:37.2	life.
0:38.2	Even the daily ritual of commuting came to a halt during the lockdowns,
0:42.7	impacting the millions of businesses, media networks, and service providers
0:47.0	who at the time depended on that daily migration of consumers for their survival.
0:55.2	I'm Doug Stevens, founder of retail profit.
0:58.7	And in this second season of Retail Reborn,
1:01.2	the Business of Fashion's podcast series
1:03.0	on the fast-changing retail industry,
1:05.2	presented by Brookfield Properties,
1:07.4	we're exploring the consumer of the future.
1:10.4	We'll discover who they are, the economic, technological, and social realities they face, and the new consumer behaviors emerging that will shape the future of retail and the opportunities for retailers ahead.
1:24.6	And so, in this first episode, we thought it proper to begin with the question,
1:30.3	where will consumer shop?
1:32.9	As the world resumes business as usual, but in a new normal,
1:37.5	a question that brings us to one of the most central sites of retail anthropology, the city.
1:50.3	Thank you. most central sites of retail anthropology, the city. But today, amidst a lingering pandemic, that might be changing.
	...

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