A fast changing digital landscape in South East Asia has disrupted traditional retailing in the face of a budding e-commerce market, transforming the way consumers shop. Consumers do not view online and offline shopping the way businesses see them. Rather, convenience, choice, value, and experience remain the key deciding factors for where and how they shop. An omni-channel strategy is thus crucial in helping retailers stay relevant as the boundaries between the physical and digital become increasingly blurred for consumers.
The onus of ensuring that stores in shopping centres remain an important and relevant touch point for consumers should not, however, lie solely with retailers. Landlords and asset managers need to evolve to cater to the changing preferences of retailers and consumers amid stiff competition, factoring P.L.A.C.E. in the innovation strategy.