I am very honored to see so many of you have chosen to come to hear me speak today.
Just to introduce myself, my name is Michela Østergaard Mortensen and I work as an assistant at the Modern Retail Association.
I have come here to the University of California, San Diego today, to give a speech on the future of retail. In my speech, I will get into the current challenges for the retail industry, and discuss how retailers can survive and thrive in the future.
The retail industry is currently facing a few challenges.
One of the challenges is that Brick-and-mortar stores are having a hard time surviving, due to online sales becoming more and more popular. A few retail studies actually show that nearly 8 out of 10 Americans make purchases online.
To survive, the Brick-and-mortar stores are therefore looking for new ways to lure customers into the stores.
An example of this is the Eddie Bower store, which created an ice box so customers can try their cold weather gear on, in a cold environment. This is something that can not be done online and therefore attracts customers.
Another store that has tried to make it a unique experience for consumers to shop is the Rebecca Minkoff store.
To attract customers, the Rebecca Minkoff store has tried to get rid of the awkward shopping moments that can be found when you're shopping. So that you do not want to leave the store because of the awkwardness that can sometimes take place when shopping in a physical store.