INSIGHT
Beyond Shopping: Experiential Retail
With a Bain & Company survey indicating that experiential spending is growing at three times the rate of traditional luxury retail, it's clear to see why brands are having to invest more in creating unique offline experiences. Brands are being confronted with a post-Covid mix of a slowing economy, dampened consumer confidence, softening demand and a cohort of young professionals who are shifting their consumption habits from luxury goods to experiences.
And in a world where online shopping has become the norm, brands are faced with the challenge of connecting with their customers in ways that can't be replicated on the internet. This requires brands to create experiential, offline experiences that are authentic, engaging and often unexpected.
As brands adapt to this shift, many are discovering that physical stores provide an opportunity to connect with customers in a much deeper way. Pop-up shops and avant-garde flagships have become key strategies for creating spaces that not only sell products but also offer unique experiences that are in line with brand codes. Culture branding through experiential retail has become imperative for companies looking to build a meaningful community of customers that engages with a brand online-to-offline.
The idea behind this concept store is to create an immersive cultural space beyond just being another shopping destination.
Louis Vuitton is one such brand, with a store in Osaka, Japan, featuring not just their iconic handbags and accessories – but also a café, restaurant and contemporary art space. The idea behind this concept store is to create an immersive cultural space beyond just being another shopping destination.
Dior has launched the Dior Café in Miami, serving food inspired by the house's classic designs while customers enjoy coffee cups and bags adorned with the brand's prints. Meanwhile Gucci has plunged into casual fine dining at its Gucci Osteria series of restaurants, with branches in Florence, Beverly Hills, Ginza and Seoul, serving gourmet Italian cuisine cooked amidst lush furniture and artworks symbolic of the house's signature style.
"The Floristry's Field House is a working flower farm where (customers) can immerse themselves in brand experiences such as field-foraged flower workshops."