Find out how we use and protect your data in our privacy notice. One of the biggest questions this shift has raised is, if shopping is now everywhere, what is the next phase of physical retail? Data that feeds into personalisation will hone the ability for retailers to suggest offers and content to consumers right at the moment of consideration. As the decade started, ecommerce was focused on reducing friction and aiming for a seamless experience, but it will move to being more engaging and immersive. BloombergQuint Missing BloombergQuint's WhatsApp service? If you want to lease a property to us, have any feedback or investor related query, please write us at the email addresses displayed in the page. Digital Everything. CULTURE CLUBS. It expects Future Retail to grow faster than the market based on its brand equity , national presence and strength of its private labels. display: flex; “Consumers are increasingly using social media to engage with brands across the entire customer journey, from discovering new brands and products to writing reviews, comments and feedback.”. “2021 will point to the future when retailers will do your shopping for you,” he says. This includes contactless payments, reducing physical touchpoints, and expanding and simplifying click and collect. “Customers will be able to understand and offset the carbon emissions of their retail spending through their bank,” says Bhyat. } Nathan Walker – one of our Media Executives – recently attended a webinar hosted by Ocean Outdoor and Westfield, who shared their experiences in the retail space over the past year along with … “Consumers have come to expect fast and free delivery and returns, and then post-COVID; it’s about immersion and discovery,” says Berg. Future Group is an Indian conglomerate company, founded by Kishore Biyani, headquartered in Mumbai, Maharashtra, India.The company is known for having a significant prominence in Indian retail and fashion sectors, with popular supermarket chains like Big Bazaar and Food Bazaar, lifestyle stores like Brand Factory, Central, etc. Make no mistake: retail automation is the future of commerce. The future of retail will see complete integration of technologies like augmented and virtual reality, the internet of things, sensor-driven packaging and connected appliances. Rise of private labels. The Indian retail industry has emerged as one of the most dynamic and fast-paced industries due to the entry of several new players. Produced in association with the International Council of Shopping Centers (ICSC), it explores what the role of the physical store is in the digital-first retail future. Experiential retail is the future. Big Bazaar, our flagship chain is regularly ranked among the most … […] Future Retail creates future scenarios in lifestyle, value, home, digital space and facilitates socio economic development for our customers, employees, shareholders, associates and partners. © Copyright 2021 Raconteur. Survival of the fittest: The future of retail spaces According to a survey by Mintel, 92% of internet users in the UK have shopped online. Particularly, … Instead of mountains of waste, data and AI will predict stock requirements, thereby limiting wastage and reducing the impact on the environment. The liberalisation of planning policy to enable greater flexibility in the change of use from retail to other purposes provides planners with the … “Digital kiosks, powered by artificial intelligence (AI), at fast food restaurants, equipped with automated facial recognition, will let customers navigate the menu, self-order and use contactless payment,” says Parekh. Future Retail operates some of India’s most popular retail chains that inspires trust through innovative offerings, quality products and affordable prices that help customers achieve a better quality of life every day. Parekh predicts new digital solutions will enable retailers to meet rising customer expectations. At present, Future Group boasts a nationwide network of 930 outlets, with a total retail space of over 13.6 Mn square feet across 255 cities.. “In the old days, people visited local shopkeepers who knew them by name and could predict their needs based on what they wanted through a personal relationship,” says Riyadh Bhyat, head of Quantium in Europe, Middle East and Africa. Mountains of food and clothing get destroyed each year due to the difficulty of predicting what customers will want and when,” says Quantium’s Bhyat. Smart supply chains applying AI to predict demand and calculate supply will result in a direct benefit to the environment by 2030. The concept of future retail is constantly evolving. } By Brian Carvalho, Editor, Forbes India. We will be the … The decline of retail around the world is opening up space in urban areas. … Bhyat says in 2020 some retailers are recreating that experience at scale using data-driven algorithms taking in hundreds of factors to drive hyper-personalised offers and service for national retailers. By mid-decade, the conventional retail model of just hanging rows and rows of clothes on hangers and supplying a couple of changing rooms and a mirror will be on the way out. The future of shopping is shopatainment, which is the combination of entertainment, commerce and content. By using this site, you agree to our use of cookies, Ongoing ‘personal training’ for retail excellence, Omnichannel audit and strategic recommendations, International Council of Shopping Centers (ICSC). Total consumption expenditure is expected to reach nearly US$ 3,600 billion by 2020 from US$ 1,824 billion in 2017. CBRE Research recently completed the second installment of The Future of Office client survey. “They will seek to collaborate with more progressive suppliers and potentially look to integrate supplier and customer AI capabilities,” he says. } “We’re all craving to go into a store again,” says Berg. For the future of retail, thoughtful technology integration and the creative reuse of space will be at the forefront. However, the desire for retail experiences is on the rise with millennials saying 52% of their spending goes on experience-related purchases. For years we’ve seen the role of technology within the retail sector expanding in a variety of ways. It accounts for over 10 per cent of the country’s Gross Domestic Product (GDP) and around 8 per cent of the employment. India is the world’s fifth-largest global destination in the retail space. Prompted by COVID-19 a decade earlier, which helped propel online retail towards true omnichannel social commerce, discrete sales channels will have dissolved. While some brands are capitalizing on the opportunity to sell directly to their end … } “There’s an opportunity for retailers to start innovating with the physical space again.” ... Future retail trends will see “retail theatre” develop at this time. Hit the button below to get your free copy and start getting ready for the future – because physical retail isn’t going anywhere, but it is changing. [maxbutton id=”10″ url=”https://www.insider-trends.com/free-future-of-retail-space-report/” ]. Volume of retail space to be added over the next 5 years by region With the likes of Debenhams and House of Fraser closing stores, landlords can reconfigure space vacated by the department store anchors and Medium Size Units (MSUs) such as BHS and Marks & Spencer, without the need to add more space through extensions. For years we’ve heard about the decline of physical retail and the rise of the internet. @media screen and (min-width: 800px) { “We will experience our own version of the Roaring 20s,” says Natalie Berg, retail analyst and founder of NBK Retail. The future of physical retail is a contentious issue that has polarised opinion; some believe it is only a matter of time before its demise while others believe there is still very much a need for physical shopping space. What does the future of retail space look like? Our aim is to maintain the momentum of topline growth through continuous efforts to increase store efficiencies and productivity … In F… About Us. The company has increased its floor spaces in nine cities which includes Hyderabad, Pune, Mumbai, Indore, Nellore, Gaya and Keonjhar. height: auto; The Government has developed policies to drive the growth of town centres and has pledged to consult on planning reform to make it easier to create more homes, jobs and choice in town centres. } Here’s what to expect in 2021, 2025 and 2030. Space, Place and the Future of Retail brings together leaders from the retail real estate, retail and technology industries: Everything and everyone you need to know in one great place and two indispensable days! In 2025, we’ll still be experiencing the tail end of the pandemic in terms of its impact. Space, Place and the Future of Retail brings together leaders from the retail real estate, retail and technology industries: Everything and everyone you need to know in one great place and two indispensable days! Award-winning journalist covering tech, marketing, business and culture, with stories published in Which, HomeWork, CMO, Choice and specialist publications. Promoters own 42% in Future Retail, which runs hypermarket chain Big Bazaar and neighbourhood grocery chain Easyday Club, but 75% of the holding is pledged as on June 30, 2020. China is setting the pace for retail digitalization. In contrast to the excess of physical retail space, we’re also seeing an immediate need for warehouse space. ... We aim to continue on our growth path through a combination of realization efficiency and space expansion. This has increased by 16% in the last year and since the recession in 2008 high street retailers have had a tough time competing with cheaper and more convenient online shopping. As with the inaugural round of the survey, our September study was completed by senior-level global real estate executives who provided insights on how sentiment is shifting about the location, design and use of office space. So what will shopping look like in 2021, 2025 and 2030? While COVID-19 has undoubtedly accelerated the rise of ecommerce, there will always be a place for bricks-and-mortar retailing. “In 2030, sales channels will include virtual reality and fulfilment will include drone delivery,” says Bhyat. When it comes to the effect on future retail trends of social commerce, it will be a leveller between large brands and challenger brands. “Social commerce can combine the personal touch consumers used to find in a store with the convenience of an online purchase,” says Luis Baena, principal at Oliver Wyman. All rights reserved. svg { } Future Retail, one of the leading retail chains in India, has increased its retail floor space by 3 lakh square feet to 1.3 cr square feet during the April-June quarter this year, said the company. Technology. Consumers will have seamless shopping experiences through social platforms in 2030, shrinking waiting time for customer service queries with smart chatbots and bringing highly personalised experiences through user-generated content. “Bricks-and-mortar retail will become a high-touch, sensory-driven experience,” she says. The brokerage said only 9% of the overall retail falls in the modern retail category could grow to 12% by FY20F (forecast) as incomes rise and urbanisation increases. The group also has a notable presence in integrated foods and FMCG … Overview ; Manifesto; ... our customers and stakeholders shall be served only by creating and executing future scenarios in the consumption space leading to economic development. What does this mean? Future Retail Share Price, Future Retail Stock Price, Future Retail Ltd. Stock/Share prices, Future Retail Ltd. Live BSE/NSE, F&O Quote of Future Retail Ltd. with Historic price charts for NSE / BSE. span { The transformative power of virtual courts, Legaltech can bring empathy to life’s hardest situations, Legal Twitter is using social media to do good. Devices such as facial scanners will analyse skin to suggest personalised care based on individual needs and prior experiences. Naysayers see this as a batle between bricks-and-mortar and online retail as though there can only be one winner in the batle for survival. “A resurgence in shopping malls, offering a richer range of experiences by blending retail, music, dining and entertainment will take its place,” says Hames. Bhyat predicts retailers will gravitate to suppliers with value chains more responsive to consumer behaviour. Small businesses have been forced to develop digital platforms, in-store payments have moved away from cash and orders delivered by drones no longer seem worlds away. Future Retail had 1,557 stores in 437 cities and it occupied total retail space of 16.3 million square feet at the end of June 2019. Future retail trends will see stores evolve and follow the example of Starbucks and Nike to play three roles. Today there are deeply integrated systems managing stock replenishment, but these systems result in huge amounts of waste. “Stores used to be run by people who would gauge how much of each product they needed. But what isn't evolving as quickly is the understanding and widespread experimentation to bring the future to life today. Future of retail As Alibaba's Jack Ma sees it, data and technology will transform retail, not just online but offline too. In fact, the global retail automation market is expected to be worth more than $19.5 billion by 2024. Berg also says physical stores will need to become frictionless in more ways than one. 155-157 Minories, Aldgate, London, EC3N 1LJ. In reality, we live in an omni-channel environment, where both the “It allows them to engage the people they serve not as demographics or segments, but as individuals and at scale. And retail automation is growing. The coronavirus pandemic has accelerated future retail trends as many businesses rapidly adopt new services and technologies. The Exchange has sought clarification from Future Retail Ltd on November 26, 2020 with reference to significant movement in … There’s no denying that the world of retail has changed massively in recent years. A 2018 study from CB Insights revealed that private label sales are soaring. Even before the pandemic, many brick-and-mortar retailers were struggling. However, Berg warns that mediocre 2020 players won’t survive the pandemic and are unlikely to return as traditional retailers. 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