Millennials drive growing demand for third spaces: presenting the retail technology week in numbers

Do you like numbers? Do you like retail tech news? Then this is the article for you. Including Tesco, DressX, Amazon, Loop, VAST Data, Specsavers, RTS 2026, Pricer, Sobeys, Lefties, Pop Mart, and the first ever RTIH Retail Technology Hot 100 List.

$30 billion...VAST Data, an AI operating system specialist whose customers include CVS and Lowe’s, has announced the closing of its Series F financing at a $30 billion valuation, representing more than a threefold increase from its $9.1 billion Series E valuation in late 2023.

The latest round was led by Drive Capital, with Access Industries acting as co-lead, and included participation from existing investors including Fidelity Management & Research Company, NEA, and NVIDIA, alongside new backers.

The financing included primary and secondary capital, bringing the total transaction value to approximately $1 billion. Primary proceeds will be used to fuel global growth, including transactions that expand its technology footprint and partnerships.

“We are already supporting AI environments spanning millions of GPUs globally, operating across every layer of the AI stack,” says Renen Hallak, Founder and CEO at VAST Data. “What is becoming clear is that these layers are no longer independent. Applications, models, and infrastructure now operate as a single system through data. VAST sits at the centre of how that system works, which is why we are seeing this level of demand at global scale.”

72...Specsavers is funding a full national roll-out of its recycling boxes across all of its UK stores, offering customers the chance to responsibly offload their unwanted glasses, case and contact lens packaging.  

The boxes are provided in partnership with MyGroup, which allows hard to recycle plastic that would otherwise end up in landfill to be separated, sorted and recycled. It then transforms the recycled materials into useful products, such as joinery boards and furniture.  

In 2025, Specsavers and MyGroup recycled 72 tonnes of material. The amount, collected from 659 stores and labs, was an almost five tonne increase on the amount recycled in the previous year.  

100...In partnership with 3D Cloud, RTIH is pleased to announce the launch of its first ever Retail Technology Hot 100 List.

We have scoured the global retail technology world to bring you the hottest companies whose solutions and systems are helping drive the retail sector forward.

Our Founder and Editor, Scott Thompson, has drawn up a list of 150 companies that have consistently been on his radar over the past 12 months whilst bringing our community the latest retail tech news and views that matter. These companies operate across the omnichannel retail landscape (stores, online, mobile, supply chain, payments etc).

Our judging panel, including Vineta Bajaj, Group CFO, Holland & Barrett, Dan McGrath, JD Group Customer Operations, JD Sports, and Paula Bobbett, Chief Data and Digital Officer, Boots, will now provide feedback on those who have the most innovative, forward thinking technology offerings and are best addressing retailers' current challenges, painpoints, and opportunities.

And there will also be a public vote, with our community of retail tech enthusiasts invited to select their top five picks (one vote per person).

The public vote closes on Friday, 26th June. Based on the judging panel's feedback and the public vote, we will then draw up our first ever RTIH Retail Technology Hot 100, aka the 100 hottest global retail technology companies during 2026, which will be published across our website, social channels, and the next edition of our printed magazine (to be published in August).

"RITH has long been at the forefront of recognising exceptional performance in retail technology. We’re proud to support this programme and to play a part in elevating the role of retail tech in shaping the future of the customer experience," says Leigh Davidson, Managing Director, UK and International at 3D Cloud.

$11 million...VisioLab, a Germany headquarterd AI powered visual self-checkout for food service, has announced the close of its $11 million Series A financing round.

This was co-led by eCAPITAL Entrepreneurial Partners and Simon Capital, with participation from existing investors High-Tech Gründerfonds (HTGF), zwei.7 and Heartfelt (formerly APX).

The funding positions VisioLab, which was founded in 2019, for its next phase of global expansion - building on stadium wide deployments at the Orlando Magic’s Kia Center and Inter Miami CF’s Nu Stadium, and a roll-out with Live Nation Entertainment, while launching an integrated all-in-one checkout and payment platform for food service operators.

VisioLab’s iPad-based checkout system uses real-time edge AI to identify packaged and unpackaged food items at the Point of Sale, eliminating barcode scanning and reducing average transaction times.

According to those involved, unlike camera array or overhead-sensor approaches, the system requires no venue infrastructure modifications and can be deployed by existing staff in ten minutes. It is operational across corporate dining, higher education, and professional sports venues in Europe and the United States, with initial deployments in Asia-Pacific.

£2 million...Unity Coffee, which was founded by ex-Costa and Coffee Nation entrepreneur Scott Martin, has raised £2 million in its second funding round, following London pilot tests. This takes the total raised thus far to £3 million.

Unity is building an automated retail platform, pairing beverages with connected hardware, app-based ordering and payments, and real-time loyalty.

It is using the funding to roll out 500+ machines across the next 12 months, scaling its app first coffee stations into high footfall venues including gyms, hotels and flexible workspaces, and forecourts. This roll-out marks the first phase of its wider automated retail platform, spanning both hardware and software upgrades.

After a friends and family raise, the latest round features a consortium of industry figures, including The Imbiba Group, which has backed brands such as Farmer J and F1 Arcade, and angel investor and W Communications CEO Warren Johnson, who has recent exits from investments in businesses to his name including Pizza Pilgrims and The Clinic.

£6.25 billion...UK retailers are wasting the equivalent of one full working day every week, according to new analysis from Rethink Productivity. Its report warns that the sector is leaving 14% of optimisation costs on the table, worth at least £6.25 billion a year, at a time when labour costs and margin pressures are at their most acute in a decade.

The findings come as the British Retail Consortium reports a sharp rise in anxiety among retail finance leaders: 69% of CFOs describe themselves as pessimistic, 84% rank labour costs in their top three concerns, and 52% plan to cut staff hours or overtime in response to the Employment Rights Act.

78%...The growing demand for retail stores to deliver ‘third space’ environments, which combine community and commerce, is being driven by Millennials, according to research from Retail Technology Show (RTS).  

Six in ten Millennials now want physical retail experiences to blend community, socialising and shopping, according to its survey of over 1,000 shoppers. 

With 78% of Millennials prioritising experience spend over buying physical items, a further 24% polled by RTS now want immersive brand experiences built into store shopping journeys, +10 percentage points higher than shoppers of all ages. 

Amid digital fatigue, community fragmentation and the rise of remote working, demand for third spaces - environments that sit between home and work - is growing. A third of consumers say they now discover retailers through brand-community platforms and value aligned interactions - and this is evolving the role of traditional stores. Transitioning away from purely transactional arenas, these new third space experience hubs support connection and deeper levels of brand engagement.  

Last year, for example, Superdrug said it would open 30 new ‘beauty playgrounds’ which would act as experiential discovery centres for customers to explore new beauty trends.  Meanwhile, performance cycle brand, Rapha, has long been known for its ‘Clubhouses’ which combine retail, cycle cafés and event hubs for its Rapha Cycling Club (RCC) members.   

$51 million...Pricer reports that its partner JRTech Solutions has signed an agreement with Canadian grocery retailer Sobeys. The contract includes the deployment of Pricer’s latest electronic shelf label (ESL) technology and the cloud-based platform Plaza across an estimated 300–350 stores.

The agreement covers the supply of multi-colour electronic shelf labels and the necessary store infrastructure, with a total hardware and infrastructure value of approximately $51 million (excluding Pricer Plaza). The deployment is scheduled for an 18-month period starting in May.

"We are very grateful for the trust and that Sobeys has once again chosen Pricer as its long-term strategic partner,” says Mats Arnehall, Chief Growth Officer at Pricer. "This deal confirms our leading position in the North American market and the value of our high performance system in high density retail environments. Our scalable cloud platform, Plaza, will be the intelligence behind every label, enabling Sobeys to act faster and work smarter."

“After years of close collaboration and shared success, we’re proud to grow our partnership with Sobeys even further with an expanded rollout,” says Diego Mazzone, President and CEO at JRTech Solutions.

$95 million...Loop, an AI platform for logistics and supply chains, has raised a $95 million Series C led by Valor Equity Partners and the Valor Atreides AI Fund, with participation from 8VC, Founders Fund, Index Ventures, J.P. Morgan Growth Equity Partners, and Tao Capital Partners.

The cash will help Loop expand its platform across a broader set of enterprise use cases, deepen its product and engineering capabilities, and invest in AI talent. The round brings its total funding to $210 million.

“We see every day how much pressure companies are under to manage supply chains through constant disruption, and how often critical decisions are still being made on top of fragmented data and brittle systems,” says Loop CEO and Co-founder Matt McKinney. “This investment lets us expand our platform and connect the financial and operational data that our customers need to make better decisions, faster.”

1 and 3...Lefties, Inditex’s new to the UK brand, has signed to join Metrocentre, marking one of the Spanish retailer's first three UK stores.

Set to occupy a central unit at the interchange between Red and Green Mall on Town Square, Lefties will serve as a key anchor within Metrocentre’s dedicated fashion hub. This will be its first location in the North East.

Lefties was founded in 1999 and has its headquarters outside Barcelona, including commercial and design teams, who aim to bring accessible quality fashion to its customers. 

Ben Cox, Director at Sovereign Centros from CBRE, Asset Managers of Metrocentre, comments: “We’re proud to confirm that Lefties are the latest exciting new entrant to commit to Metrocentre. As one of the first Lefties stores in the UK, this is another major endorsement of Metrocentre as a key location for international brands investing in UK retail.”

“Its trend savvy offer will be a compelling addition to our retail mix, and this signing, once again, reflects the dominance and appeal of our scheme to both national and international retailers. With our consistent footfall, extensive catchment, and quality retail offer, we continue to stand out as the leadingdestination in the region.”

13...Tesco has replaced traditional barcodes with QR codes on 13 of its own brand sausage products.

Whilst shoppers will continue to checkout as usual, they can now access detailed product information by scanning the QR codes with their smartphones.

Tesco Development and Change Director Peter Draper says: “For customers, this is a tiny and almost invisible change at the checkout, but for the retail industry it’s a significant step forward. Moving to QR codes will help us reduce food waste, improve stock control and unlock new digital benefits for our customers.”

He adds: “Customers will continue to shop and pay in exactly the same way, but they’ll have the option to access far richer information about the products they buy simply by using their smartphones. Over time, this opens up exciting possibilities, such as personalised digital tools to help customers manage the food they buy and reduce waste at home.”

1...Amazon and DressX have announced a partnership in which people will be able to purchase virtual clothing items on the former’s site, then redeem a code to wear and use them inside Fashion Rivals, DressX's Meta Horizon experience.

This is the first time virtual clothing has been available for sale on Amazon.

In a LinkedIn post, DressX said: “Users can explore and shop aura effects on Amazon, then seamlessly bring them into the game to style their avatars. Exclusive collection is live! This marks an important step in expanding how virtual fashion is discovered and experienced across platforms, bridging commerce and gameplay.”

You can explore the collection here.

5,090...Pop Mart, a Chinese entertainment brand and specialist in designer collectibles, has opened its largest London store to date, unveiling a new retail destination in the heart of the West End.

Located at 69–71 Charing Cross Road (WC2H 0NE), the new store spans 5,090 square feet and introduces a mezzanine level, a first for a Pop Mart store in the UK.

Situated in the former home of House of Spells and close to the brand’s first London store in Soho, the Charing Cross Road addition marks Pop Mart 16th store in the UK. It boosts ts London presence with seven standalone stores and nine London locations overall, including dedicated spaces within Harrods and Hamleys.

Ian Ashton, Head of UK Retail at Pop Mart, says "The growth of our London community has been incredible, and this store is a reflection of that momentum. Charing Cross Road is more than a retail space - it’s where the Pop Mart universe comes to life, bringing together collectors, creativity and culture in one destination. This opening is about giving our community a home, while inviting new fans to discover what makes Pop Mart so unique."

104.5%...Faster delivery is being pushed on consumers within the checkout experience, as retailers and marketplaces compete harder on convenience. But new analysis from logistics technology company, Locus, suggests the shortest delivery promises are also the most likely to break - at a moment when UK shoppers are becoming more cautious and less forgiving of service failures. 

Across over 500,000 orders handled by Locus customer networks globally, data combined with 2,000 UK consumers shows: 

• Brands promising a shorter delivery time demonstrate a 104.5% increase in delays compared to those with longer delivery windows 

• Networks with rapid delivery times experience an average of 4.6 days delayed, compared with 1.1 days delayed for those using wider scheduling windows. 

• Just 4% of UK shoppers expect same-day delivery, while 83% accept two to four days. 

• 94% cite delivery communication failures as their top frustration. 

• Only 7% say fast delivery promises are consistently met.