The future of retail has been a hot topic lately. One recent article examines the ubiquitous millennials and how they are driving change in the retail landscape, and the other—wait for it—is watching for trends from the generation coming up, Gen Z, the 18-and under set.
The unique venue will give participants a chance to travel forward in time to experience the future of pharmacy and retail firsthand.
A Washington Post article focused on an evolving shopping hub in Washington D.C., which is becoming a prototype for the key trends retailers are considering when catering to the shopping preferences of millennials. David Marcotte, senior vice president of retail insights at Kantar Retail, was quoted in the article, explaining why some retailers are drawn to more urban landscapes, which can give consumers a more experiential, individualized experience.
As it happens, retail and technology thought leader Kantar Retail will also be at NACDS Total Store Expo, participating in the forward-looking Vision 2026 attraction that will be open in the Exhibit Hall at NACDS Total Store Expo throughout the conference. The unique venue will give participants a chance to travel forward in time to experience the future of pharmacy and retail firsthand. Popular speaker Wendy Leibmann will also speak during an Insight Session, “The Future of Retail Has Arrived. Ready Or Not?” Leibmann will discuss a recent study she conducted that reveals how shoppers define the store of the future.
Why is it important to predict the patterns of younger shoppers? An article in SupermarketGuru estimates that Gen Z will account for 20 percent of the U.S. workforce and 40 percent of all consumers by 2020. The group also possesses innate technology and social media skills, which the article says could help chains improve at providing a seamless choice of how to shop—in stores, online and with smartphone apps.
The article also references a timely back-to-school survey by the National Retail Federation that shows Gen Z already influences the buying decisions of its parents, with 86 percent of parents shopping for back-to-school items saying their children had an influence on one-quarter or more of their school purchases.
They say children are our future, and it looks like they’re helping to shape the future of retail as well.