We recently returned from Chain Store Age’s SPECS Show. SPECS is a show for the design, construction management, project management and facilities management departments within retail organizations, and focuses on what’s next and what’s shaping the future of retail as it relates to those departments.
A recent article in Retail Wire entitled “Is omnichannel cannibalization retail’s biggest challenge?”, quotes a report by eMarketer, where they conclude: “Despite efforts to increase their online sales and beef up their omnichannel strategy to meet the needs of smartphone-toting and social-media addicted consumers, these retailers are burdened by their physical stores, which still represent a majority of their sales.”
Franchises continue to be a hot opportunity for aspiring entrepreneurs, and a recent article in QSR Magazine confirmed this, indicating that millennials’ next frontier is franchising. The same characteristics that may have annoyed parents and traditional workplaces are well suited for this group who seek “authentic brands that fit their lifestyle”.