How to Survival In-Store Retail’s Death Spiral

A mini-case study on Restoration Hardware

In-store retail is dying. Shopping malls are beginning to look like post-apocalyptic scenes from Cormac McCarthy novels. Home decor and retail stores are suffering, I’m looking at you Sears.† However, Restoration Hardware is doing something completely different and it may ensure their survival.

Home decor stores allow customers to get a feel for the products. But you could never truly experience them. Sure, you could pick up a wine glass or plate and imagine what it could feel like in your home. Restoration Hardware has opened restaurants and bars inside their stores. All of the plate ware, cutlery, glasses, and furniture is made by them. I visited their Chicago storefront a few months ago and was surprised in how exceptional it was, from the food to service.

Getting a real feel for the products they sold was a new experience. This is the future of in-store retail. They need to offer customers something else besides open doors. Not only are companies in the media/content business but experiences are critical for physical storefronts. What’s nice is that the latter can support the former.

On a smaller scale, I know of a wine shop in Manhattan that holds a Rosé Gala every year. It’s a party usually held in a nearby location or park and ends up being a great way to kick off summer. The wine shop invites its suppliers to showcase their products. It’s a great way for locals to connect and engage with brands they buy from. More companies should do this.

No matter what your brand or industry the experience matters and it can be done. Ask yourself the following: what can I put next quarter’s marketing budget to if it had to be an in-store experience?

Works Cited

† Rizzo, L. (2018, October 13). Sears, Lenders Nearing Deal to Keep Some Stores Open. Wall Street Journal. https://www.wsj.com/articles/sears-lenders-nearing-deal-to-keep-some-stores-open-1539369590

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