The future of retail is more useful technology in stores

The future of retail lies in both bringing online tech into stores and emphasising what makes the physical space unique, argues David Polinchock, Co-founder of the Unified Brand Experience Lab retail accelerator.

“One of the things I talk about all the time is that online shopping is great when you know when you want to buy,” he says in a LinkedIn post.

“Rarely, if ever, do people go online to see what's for sale. When you do go online, it's usually because you know what you're buying, you're shopping on either price or convenience.”

He adds: “That's one of the areas that physical retail stores have a huge advantage. The ability to explore, to wander, to search, to experiment. Online shopping allows for little of that to occur.”

“I love seeing how many retailers are adjusting their physical spaces to Covid with wider aisles, more open spaces and bringing more useful retail tech into their stores.”

“Still significant demand for physical retail and eating out”

There are around 5,000 fewer physical UK stores since the start of the coronavirus pandemic, meaning one in seven shops now lie empty, according to the British Retail Consortium and Local Data Company.

But there is some cause for optimism following the reopening of non-essential retailers on 12th April.

Lucy Stainton, Director at Local Data Company, comments: “The early indications from the first few weeks of the “unlocking” have shown there is still significant demand for physical retail and eating out.”

“Hopefully, as consumer confidence continues to build momentum with reduced Covid-19 cases, more of the population vaccinated and warmer weather, further fall out from the pandemic might be mitigated somewhat.”

“Similarly we are seeing a lot of redevelopment with retail stores being converted to other uses such as office space and residential property - this too may help stabilise the increase in vacancy we'd otherwise expect to see continue into Q2."