Despite challenging retail conditions, the beauty industry is booming with a growing number of brands opening standalone stores.
The global cosmetics or beauty products industry is one sector which remains impervious to the ups and downs of the economy, according to Orbis Research. In 2017, the market was valued at USD 532.43 billion, and by 2023 it is expected to reach USD 805.61 billion, driven in part by the ageing population. The industry is booming, with more and more brands opening standalone stores where they can tell their story.
Humanise your store to compete with online retailers, says Lauren Green, copywriter at Time & Tide.
The popularity of online retail has grown significantly over the past several years. According to recent reports, online retail is now growing at the expense of offline. Convenience is, most likely, the critical factor when it comes to shopping, and is why many consumers are turning to the computer to order clothes, food and more. Similarly, next-day and even same-day delivery are coming to be the norm, making the demands for high street retailers ever pressing. However, that’s not to say physical stores don’t have a future. Far from it.
Students on the MA Fashion Retail Management course at London College of Fashion have responded to an industry brief set by design agency Checkland Kindleysides with impressive results.
As part of its ongoing relationship with London College of Fashion, UAL, design consultancy Checkland Kindleysides this year set the industry brief for students taking the MA Fashion Retail Management course. The brief, which formed part of the Creative Retail Spaces Unit, centred around non-transactional experiences and tasked students with researching, defining and designing a third space in-store that would creatively articulate a chosen brand’s purpose and translate it across multiple touchpoints.
As Westfield unveils its Destination 2028 concept, Myf Ryan, CMO Europe and group director of brand and strategic marketing for Unibail-Rodamco-Westfield, asks, what does the future hold for retail?
It’s a question that’s moved from government and industry forums to dinner debate and the high street over the last year. And what’s clear is how passionate the British public are about shopping. That’s an opportunity none of us should ignore. Because, despite current uncertainty, there’s one thing I’m sure of: the future of retail is more exciting than ever.