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What Will Retail Stores Be Like In the Future?

There is no doubt that retail stores really need to change their thinking and many different aspects. While at one time they only had to compete with similar stores within their geographical area they are now facing a whole new world of competition with the Internet. This means that they have to stay on top of their competitors and be able to match what they are doing.

It’s interesting to look at the expansion in this industry especially in the Toronto area. One may think that with the economy being so volatile that there would be more pop-up discount type stores yet there seems to be an expansion of high-end luxury retailers.

It is interesting to see what the trend is going to be in the next five years. The experts are indicating that the retail stores are going to be putting a lot more focus on making their shopping experiences much more pleasant. Rather than going into a catchall store that covers or sells everything that the stores will focus more on individual items that will come in at a much higher price tag. For those items that are always having to be replaced that look after the daily needs such as groceries and staples it is believed these will be far more automated and cheap to buy. Many of the industries that are planning for their future are taking a close look at how the businesses on the Internet particularly those that are the most successful are progressing with their future. What the online retailers are doing is going through constant testing procedures to see what works the best for them. They will try all types of methods and to see what makes the online shopping experience at their location better than their competitors the brick-and-mortar businesses have got to follow this same pattern if they want to be able to compete. So the basic consensus is that moving into the future when it comes to the retail stores you are going to see many more upscale individualized offerings and that your shopping convenience and pleasure is going to be the priority of what that store offers.

This can probably be looked at in two ways while everyone will certainly welcome, the shopping pleasure increases that are going to be put in place, there may be mixed feelings about the specialized shopping as many people like the convenience of being able to go to a one-stop shop to get all of their needs. However, on the other side of the coin many do not like doing some of their personal shopping for their fashion items at these types of stores as they feel that there is no distinction as to what is being offered. For example, everyone buys the same style or make of shirt and the only differences is in the colours. Many shoppers when it comes to fashion wants individuality but at a price that they can afford.

One thing is for sure is that when it comes to important services like your accounting needs you will want to work with a trusted expert that is willing to put the time into your financial needs.

 

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Sam Seidman, CPA, CA, LPA
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Email: sam@torontoaccountant.ca

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