There was a brief moment in the pandemic, while stores were shuttered and online commerce was soaring, when retailers started to wonder what kind of role the physical store still had to play. Three years on, we can say definitively that stores remain key to the retail industry’s future.
There is an age-old adage that suggests that “he who hesitates is lost.” For as long as I can remember, this simply did not seem applicable to the retail industry.
The rise of Artificial Intelligence (AI) has ushered in a new era for e-commerce, redefining how we search for products, reshaping the foundational building blocks of success in e-commerce and transforming retailer experiences.
the joint media plan and the joint business plan (JBP). These plans
In today’s fast-paced and evolving marketplace, pharmacies and drug stores have become an integral part of consumers’ lives. More than a place to fill prescriptions, these stores are trusted hubs for convenience and wellness today more than ever, post-pandemic.
Consumer preferences evolve every single day. But the drug store experience hasn’t kept up. Picking up a prescription is the same as it was a decade ago. But why? Is the retail pharmacy stuck? Consider this: More than 50% of the companies on the Fortune 500 list 20 years ago no longer exist.
One of the hottest trends in retail and advertising is the emergence of retail media networks.
In today’s landscape, retail pharmacies only account for 2% of the $100 billion dollar ad spend from brand- and vendor-funded retail media, according to WPP media company GroupM.
As pharmacy retailers continue to find their footing in a post-COVID world, it’s important that they look at the changing trends in health care and what consumers expect in their care.
There was a time when likely the only electronic or digital display of any kind that could be found in a pharmacy or drug store was the sign indicating the name of the business above the entrance. Today, things are very different.
WSL Strategic Retail has long advised that to see the future of retail, you have to follow the shopper. And today, many of those shoppers are following someone in very small shoes.
Retail shrinkage is a challenging topic for me to write about, not just because anytime I see or hear the word shrinkage, I can’t help but think about the Seinfeld episode focused on poor George, a cold swimming pool and an ill-timed “exposure” to a fellow house guest.
The balance of this year and the first months of 2024 will be a time of testing and potential transformation for retail pharmacy. Several pivotal questions, some of which have plagued the industry for many years, seem to be headed toward resolution.
To further recognize the 90th anniversary of the National Association of Chain Drug Stores, it occurs to at least one industry observer that this would be the perfect time to create a Chain Drug Store Hall of Fame.
and when I say “us” I do not just mean one company. I
In the past few years, “vertical integration” has been a hot topic for leaders in all health care businesses, from pharmacies to insurers to hospitals.
