By: Inside Retail Asia
Shopping malls in the Philippines are bucking international trends and are trading stronger than ever, says retail technology expert Nikki Baird.
“Shopping malls in the Philippines are all-in-one destinations that not only provide shopping, dining, and entertainment but also offer community events, access to government and utility services, and even places of worship,” Baird told the recent National Retail Conference and Expo in Manila.
But, she warned, neither mall operators or their retail tenants in the Philippines can afford to be complacent because the industry is constantly changing.
“The rise of e-commerce, evolving consumer tastes, dynamic competition, and other developments in the global retail landscape challenge Philippine retailers to pursue innovations in both brick-and-mortar and digital stores.”
“The global shift in consumer behavior puts pressure on retailers around the world to rethink their customers’ journey and experience in their online and offline stores,” said Baird. “In response to this, brands are embracing digital and behavioural innovations to deepen customer relationships, provide in-store services, use stores as fulfillment centres, harness rich customer data, host in-store events, and offer store-only exclusives.”
With retail sales forecast to almost double in Southeast Asia to US$1.38 trillion in 2025 from $720 billion last year, the importance of connecting digital — where consumer shopping begins — to the retail store will only increase in the Philippines. To prepare for this growth, retailers are investing in store innovations and technologies to ensure each store offers optimal customer service and the right inventory to meet the personalised tastes and needs of every shopper.
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