""The opposite of a department store is the big box or super center. Where the department store is different is in that experiential aspect and really being a foil to the big box phenomenon.""
""A lot of what gets people into a store is discovering them on social media. For department stores to attract younger consumers who didn't grow up with these retailers in their local malls, maintaining social relevance is critical.""
""Looking at sales per square foot at that particular location, treated as sort of an independent retailer on its own, helps identify underperforming locations.""
""That's part of the charm of going to a department store, being able to find all different brands of all different price points.""
The future of department stores lies in a focused approach on fashion and home furnishings, moving away from being a one-stop shop. New metrics for success include social media relevance, individual store performance, and ecommerce share. Social media plays a crucial role in attracting younger consumers. Each store should be evaluated independently to identify underperformers. Additionally, success can be measured through cross-category penetration and active loyalty members. Some traditional features, like extensive selections, should be preserved for their charm.
Read at EMARKETER
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