Experts reveal their biggest predictions for how retail will change in 2020
- 2019 was a tumultuous year for the
- We spoke with experts who gave us predictions for the coming year in retail and beyond. Among their biggest hypotheses were the continued growth of the resale market and the rise of trendy concept shops.
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If 2019 was any indication, the retail industry is likely to have seismic shifts coming its way in 2020 and beyond.The past year provided a reckoning for several traditional retailers who were forced to seek out innovative ways to appeal to the ever-changing whims of the modern consumer - or else face the chopping block. Looking to the coming decade, experts say they will continue to identify strategies to stay relevant in the age of e-commerce, while also experimenting with fresh brick-and-mortar concepts and fully embracing sustainability.
AdvertisementHere's a closer look at what experts had to say about what's in store for the retail industry in 2020.
Concept stores will be the store of the future ...
... including in-store popups ...
... and standalone marketplaces.
Even Barney's iconic New York City flagship, which will officially close its doors by the beginning of next year, is expected to be reincarnated as a "popup retail experience."
We'll see even more buy-online-pickup-in-store stations.
Resale will continue to reign supreme.
Consumer demand for secondhand luxury and exclusive items will rise.
Retailers will invest in sustainable production.
Gen Z will lead the way on sustainable fashion.
Physical and digital retail will continue to converge in new ways.
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