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Page 13 T O M GUEST CONTRIBUTION April <strong>2024</strong> How bricks-and-mortar retailers can find and retain footfall Guest article by Dr. Philipp Hoog, Member of the Management Board of BBE, Munich In <strong>2024</strong>, the retail sector still faces two all-too-familiar but all the more present challenges. Firstly, despite a noticeable recovery in some areas, footfall in the city center is still not back to pre-coronavirus levels. Above all, tourists with purchasing power are missing. This is result-ing in more and more stores closing, and it is realistic to assume that we will lose around 20 percent of all city center retail tenants in the medium term. Secondly, e- commerce is putting pressure on retailers with a wide range of goods and a rather vaguely defined target group in particular - because it almost inevitably creates price advantages to the detriment of bricksand-mortar retailers. What should retailers do against this backdrop? The most important aspect of a successful re-tail space is a clear profile with a defined target group, a carefully curated product segment and motivated staff with a high level of advisory skills. However, in order for these advantages to come to fruition in the first place, the lower frequency must be optimally exploited. In other words: where there is a lack of quantity, retailers should focus on quality. It is therefore important to attract passers-by into the stores with modern drive-to-store strategies - and to stimulate purchases. „Drive to store“ combines online with offline The starting position for this is better than expected: In a survey recently conducted by BBE, it emerged that city centers are becoming more popular again, especially among younger people. According to the survey, around 43 percent of under-24s visit the city center more often than five years ago. The most frequently cited reason was „shopping“. However, new means are needed to get to grips with the old challenges. Dr. Philipp Hoog Online and offline retail have long since merged in many respects. Customers do not differenti-ate between the channels, which is why retailers should also focus on a mixture when addres-sing them. This can be seen very clearly in modern drive-to-store measures, the aim of which is the aforementioned frequency skimming. These include regional newsletters, selected discount campaigns for which the customer has to come into the store, or a Google page with lots of positive reviews (which retailers are also allowed to ask their customers for). The now established click-and-collect system also Photo: BBE attracts customers to the store, where the chance of additional impulse purchases is very high. Aug-mented reality allows products to be experienced in a virtual environment - and also impresses with an undeniable coolness factor. An important side effect: all these measures generate a huge amount of data, which in turn can be used by retailers to get to know their own customers even better. This in turn allows target groups to be further honed and product ranges to be put together even better. The creative use of social media also has enormous potential. It‘s less about posting regularly - and more about creating incentives. A salesperson who films the „unboxing“ of new goods and posts it on TikTok is the best example. An Instagram reel that invites people to a fashion show in the store combines modern online communication with an event in the store that stands for the quality of experience in stationary retail. If the event is then filmed and later appears in the timeline, the synthesis of the online and offline worlds is perfect. Another way to attract new customers to the space is to cooperate with other local businesses. After all, the perfect eve-ning outfit also needs the right perfume, right? It is important to emphasize that none of these measures is a universal solution in itself. Each retailer should set their own priorities and plan their implementation carefully. Continuous market observation and the ability to adapt to new trends are fundamental. These are the prerequisites for a holistic concept that clearly sets the retailer brand and the „look and feel“ apart from the competition. It‘s not just about being as pleasant as possible for customers - now more than ever, it‘s important for retailers to be distinctive. Conclusion: More experience per square meter Sales area productivity equals sales per unit of time divided by pure sales area. This wellknown formula for the key figure „sales persquare meters“ still dominates the analyses of many retailers. However, modern stationary retail thrives on the „experience per square meter“. This can even go as far as converting indi-vidual areas in the store and integrating a gastronomic offering, for example. For a sports retai-ler, on the other hand, it can make sense to set up one or two fitness machines. The result is satisfied customers who enjoy the experience and are all the more likely to buy.
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