Are stores out of fashion?

•

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The digital tide is hitting all of us, profoundly transforming our everyday lives, and dramatically transforming the way consumers behave and think about brands. Far from being the harbinger of the end of retail, digital is a big competitive advantage for stores that know how to use it. This presentation was shared by McKinsey partner Nathalie Remy (Paris) at the Women's Wear Daily Apparel and Retail CEO Summit. View McKinsey's top retail content: http://mckinseyonmarketingandsales.com/sector/retail

Negócios Design

Are stores out of fashion…
…or a competitive weapon in the digital era?

Nathalie Remy
WWD CEO SUMMIT
October 28th, 2013

… than the 3 networks
broadcasted in the

last century
McKinsey & Company

In fashion too, digital is a tide…

<10%

2010-12 China
online market
France purchasers

Market share

How will this impact you?
McKinsey & Company

Transforming stores, a must to overcome
the dual burden
Consumer expectations are changing
The economics of stores are deteriorating

Are stores out of fashion…
…or a competitive weapon in the digital era?
McKinsey & Company

In the old world, customers followed a linear purchasing funnel

Consumers used to
narrow a broad
selection of brands
to a single choice

AWARENESS

FAMILIARITY

CONSIDERATION

PURCHASE

McKinsey & Company

Today, the fashion Consumer Decision Journey is
multichannel… and changing the role of the store
EVALUATE
Stores / catalogs / WoM
Blogs / websites / search /
comparison

CONSIDER
Outdoor / editorial / windows
Blogs / display / video / emails /
social / search

Offline
Online

BUY
In-store
E-shop/m-shop
Click & collect

EXPERIENCE
Interact with friends and family
Blogs / social / reviews

McKinsey & Company

Text

Consumers’ expectations are changing

“Stores are here to stay”

“Technology is cool”

“Experience is a must”

McKinsey & Company

Retail strategies are also evolving
"To what degree do you envision
changing your retail strategy given
digital proliferation?"

No change

TOP 3 LEVERS

Adopt new technologies

5

Adjust store formats
53

Some change

Significant change

SOURCE: WWD participants survey

42

Adapt supply chain

McKinsey & Company

Apparel store productivity has declined
Change between 2006 and 2012

Total sales

-2%

+3%

+93%

Offline sales

-9%

-2%

+79%

Retail space

+6%

0%

+103%

Offline sales
per sqf

-14%

-2%

-12%
McKinsey & Company

Retail economic equation will further deteriorate
Pressure on sales productivity...

… with continued costs drift

Market growth

Margin

Online share

Labor

Retail real estate

Rents

McKinsey & Company

2 key steps to reinvent your retail strategy

Redefine role of the physical store
Adapt store formats and footprint

McKinsey & Company

Transforming store formats and footprint
Which retail format portfolio?
Flagship

Which target footprint?

F
FSS
SIS

Large free
standing store

Mini free
standing store

SIS

O

F
FSS

FSS

FSS

SIS
FSS

Shop-in-shop

Outlet

FSS

SIS

O

McKinsey & Company

The next challenge: make it happen!
Mindset
Technology

Performance
Talent

McKinsey & Company

Departing thoughts

Are stores out of fashion…
…or a competitive weapon in the digital era

nathalie_remy@mckinsey.com
@Remy_Nathalie

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Rising prices and the Ukraine invasion are top concerns for German consumers, fueling a general slide into economic pessimism. German consumers are experiencing intense unease regarding the state of the economy and its future outlook—with public sentiment sinking lower than at any time during the COVID-19 pandemic. Survey participants felt the greatest concern about rising prices and the invasion of Ukraine. Spend on groceries and gasoline has soared, even as consumers cut spending in non-essential categories. Almost two-thirds have assumed new shopping behaviors in the last four to six weeks, with more than forty percent trying private-label brands. There’s a clear trade-down trend in stores visited and brands chosen, with prices and value for money as key drivers.

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McKinsey European consumer sentiment survey: How current events are shaping S...

McKinsey on Marketing & Sales

Italian consumers are increasingly pessimistic about the economy, with many aiming to reduce spending and modify consumption habits. Italian consumers are increasingly worried about the effects of rising prices, as well as the invasion of Ukraine. Of Italians surveyed, six in ten expressed a negative view of the current economy; hopes for an economic recovery are lower than they were throughout the entire COVID-19 pandemic. Consumers perceived the highest price increases in groceries and fuel, along with strong increase in spend. These sentiments have translated into reduced consumption. Changed consumer behavior is also apparent, with a shift towards discounters and private-label brands. Price, value for money and availability are the biggest drivers of these choices.

McKinsey European consumer sentiment survey: How current events are shaping I...

McKinsey on Marketing & Sales

McKinsey survey: European consumer sentiment survey: How current events are s...

McKinsey on Marketing & Sales

McKinsey survey: European consumer sentiment survey: How current events are s...

McKinsey on Marketing & Sales

McKinsey survey: European consumer sentiment survey: How current events are s...

McKinsey on Marketing & Sales

McKinsey survey: European consumer sentiment survey: How current events are s...

McKinsey on Marketing & Sales

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