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Luxury retailers such as jewelry stores need to create personalized experiences for consumers with impeccable customer service and lavish interiors if they are to stay relevant, according to a retail expert who offered insight into the latest shopping experiences. luxury in a specialized webinar.
The webinar, held on September 13, was led by Daniel Hodges, CEO of Consumers in Motion Group, which focuses on retail trends and consumer behavior. He is also the head of World Retail Forum, an international organization that provides “the tools, know-how and best practices” to retailers internationally to drive the recovery of the coronavirus.
Hodges highlighted what he called “the future of retail,” a shopping experience known as the Avenue to American dream, a New Jersey-based mall that opened in October 2019 and is one of the largest malls in the United States. The avenue will open on Friday and has “an extraordinary level of detail in all aspects,” Hodges said.
The avenue, which is “the size of two aircraft carriers,” is home to 150 luxury retailers, Hodges said. He said the stores there are unique to that particular mall, but also outline the retail trends every luxury retailer should observe and even emulate.
“They have created a dense matrix of luxury stores,” like in Las Vegas, says Hodges JCK. “These stores have become [the retailers’] North American flagships.… You can spend a week in this section [with] its frictionless shopping.
The avenue features copious amounts of natural light, curatorial exhibits and captivating merchandising, Hodges said during the webinar. Even its floors are works of art. As a result, the shopping experience attracts even the casual observer and leads them to buy.
“Experiences are the best teachers,†Hodges said, noting that avenue retailers including Tiffany & Co., Gucci, Saint Laurent and Saks Fifth Avenue offer a newly elevated luxury experience. Store design should actually be called the “store experience,†he said, and it should engage all of the senses. The avenue is over 3 million square feet rich in detail, lacks straight lines, and engages your eyes and ears everywhere.
Hodges said his global retail innovation study tour sees five trends driving growth: live streaming, which drives buying; training, which translates into better customer service; investment in in-store customer experience; expansion of business, digital and data platforms; and the creation of health and welfare departments.
Hodges said he selected the companies he studied based on what he calls the Intelligent Engagement Index (IEI) score. IEI is a real-time measure of a company’s performance based on factors such as technology, store design, brand history, staff training, customer management, change and security.
But the most important factor, Hodges said, is human touch. Sephora, Apple and Nordstrom, for example, often hire employees based on attributes like empathy and kindness, he said.
The webinar covered four retail sectors: luxury, beauty, fashion and grocery. The four-hour live event presented a sort of summary, highlighting retailers from Europe, Latin America, North America and Asia whose innovation and success could spark ideas for industry, Hodges said.
Hodges said the research he presented is the culmination of two years of work and that his global study tour is now the largest program of its kind. His New York-based company offers more than 30 personalized programs for retailers and their allied industries.
“Representatives of companies from 50 countries participated in our weekly live event ‘On the Front Line: Navigating against COVID-19’,†he said. “Retailers, restaurateurs and small business owners, whether they are sole proprietorships or organizations with 10,000 people, can benefit from this level of cooperation. “
Above: The Avenue at American Dream (photo courtesy of American Dream)
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