This isn’t a one-off, between 2017 and 2018, the number of retail stores in Sweden fell from 35,953 to 33,688. And it’s not just a Scandinavian problem, countries around the world are seeing a similar trend.
The retail industry isn’t just important because of the stores we see on the high street. As well as being a major employer, retail is an important export for the Nordic region. IKEA and H&M both appear in the top 50 of Deloitte’s Global Powers of Retailing list. These brands are a familiar sight in countries like the UK and even the US. They aren’t alone, lots of Nordic brands have a global following, including Bang & Olufsen, Pandora, Tiger, Stokke and many more. The success of the sector is important to the region’s world standing and economy.
Customers are already demanding a more seamless experience between online and in-store. Familiar services like click and collect will still be important, and may even be adopted by more brands, but further integrating the online and offline experience will be key to survival for retailers, both on the high street and off it. Innovative store layouts, app integrations and a renewed focus on sustainability are just some of the key areas retail organisations must look to develop not just to survive today, but to prosper in the future. Below we explore some of these big ideas and the innovators driving them.