Background
The retail industry has reached a tipping point. With the increasing cost of operating stores, changes in consumer behaviours, the growth of online coupled with the rise of shopping centres, it is apparent that the traditional retail model is changing.
Therefore, a radical rethink of the purpose of the physical store and store portfolio is necessary, as incremental adjustments to the store format will no longer be sufficient to survive. All of this has implications not only for retailers but also those with an interest in retail floor space.
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The changing face of retail: The store of the future
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