Retailers are betting big on brick-and-mortar stores in 2024. What does it mean for e-commerce and the wider industry?
According to an article by Shoshy Ciment of Footwear News, several big retailers are planning ambitious brick-and-mortar expansions throughout 2024. According to Ciment, these retailers include:
- Academy—Aim “to open 120 to 140 new stores by 2027.”
- Boot Barn—“plans to open more than 50 stores in 2024.”
- Dick’s Sporting Goods— “expects to have between 75 to 100 locations of the experiential store concept nationwide by the end of 2027.”
- Dollar General—Planning to open an enormous 800 new stores.
- Five Below—“255 new stores in 2024.”
- Macy’s—30 new stores to open through 2025.
- Nordstrom Rack—10 new stores.
- REI—4 new stores.
- Rothy’s—10 new stores.
- Uniqlo—20 new stores in the US and Canada.
Does This Signal a Move Away from E-commerce?
Not necessarily. During the pandemic, e-commerce was a lifesaver for many retailers, and many shoppers have since gotten used to making online purchases.
E-commerce has since become a pillar of retail business—an additional sales channel and source of income on top of their brick-and-mortar stores.
According to a WebsiteBuilderExpert article by Jacqueline Renouard, “94% of customers are shopping in physical stores” and “13% of retail sales is from ecommerce,” so while physical stores are still top earners for retailers, 13% is still a sizeable number that could make or break a business.
More importantly, Renouard notes, “Three out of the four consumers in the US are shopping both online and in store.” So, three-quarters of a retailer’s shoppers could also purchase from them online.
However, as we move away from the pandemic, shoppers are keener to shop in person, and retailers want to catch that.
Elsewhere, Bringoz predicts that in 2024, brick-and-mortar stores will transform into experience hubs.
They anticipate that “Interactive displays, augmented reality fitting rooms, and immersive experiences are becoming commonplace. These innovations not only draw customers into stores but also provide an engaging way to discover and interact with products.”
Managing brick-and-mortar and e-commerce sales simultaneously is only possible with the right software solution! Find out how Sellercloud can help your business. Book a demo today.