Target thinking small is best for store expansion
More smaller, “flex-format” stores are in Target’s future.
Target Corp. CEO Brian Cornell sees the chain eventually opening hundreds of smaller “flex-format” stores, he told reporters Wednesday prior to the company’s fall national meeting at its Minneapolis headquarters, Bloomberg reported.
Target has opened 23 smaller stores in major cities, with plans to add nine more this year, including one in the Tribeca section of downtown Manhattan.
The retailer plans to open at least 16 flex-stores in 2017.
Parrot heads will flock to this new Mall of America tropical oasis
Come this winter, shoppers in frigid Minnesota will be able to escape to a tropical paradise without leaving the state.
Jimmy Buffett’s Margaritaville restaurant will open a location at Mall of American, Bloomington, Minn., on Sept. 20. The 315-seat restaurant and bar will be Margaritaville’s first in the state of Minnesota.
Taking a cue from Jimmy Buffett’s storied past, the restaurant’s design brings together a combination of tropical elements to create Margaritaville’s version of a Key West beach bar in the middle of the nation’s largest mall. The nearly 10,000-sq.-ft. venue features shades of green and blue, reminiscent of a Caribbean island, complemented by wood accents and country music inspired décor.
Report: Digital dictates the majority of in-store purchases
Traditional retailers who think the digital tide can be turned back are deluding themselves, according to the consulting firm’s fourth annual “New Digital Divide” report. With Facebook and Google playing host to hours of commercial interactions with consumers on a daily basis, the classic retail brand’s ability to guide the path to purchase is waning.
"Any retailer who thinks they can build their own personalized experience to interact with customers anywhere near the extent of major digital platform may be disappointed," said the study’s co-author Jeff Simpson, a principal of Deloitte Consulting. "Their limited interaction with customers – about six to eight transactions per year – limits their understanding of the 'moments that matter.”
A survey of more than 5,000 consumers found two-thirds of them preferring self-directed shopping journeys, up from just 30% just two years ago. Electronics purchases continue to be the most heavily influenced, with seven out of 10 preceded by digital interaction.
Still, less considered purchases increasingly fall under digital’s sway. Web influence grew by 49% in grocery and 32% in health and wellness since 2014.
The report encourages retailers to join in league with established digital platforms, tear down corporate silos to better respond to customer needs, and assist shoppers whenever possible in directing their own journeys.