What do we mean by ‘global’ and what does that mean for Storefront?

The world is getting smaller. Technology is bringing people closer together and allowing greater reach than ever before. Retail is no different. My team and I developed Storefront as a global entity because I knew that we would be an enabler of this trend. Yes, brands want to launch a local physical pop-up on their doorstep but they also want to pop-up in a city on the other side of the world. They need and want to be where their customers are. We match brands with local spaces, anywhere in the world.

Has Covid-19 killed physical retail?

No, not at all. If anything, the global crisis has merely accelerated many of the trends we were already seeing. The pandemic has definitely had an impact on user behavior – most noticeably an increase in digital innovation and adoption – but the physical remains integral. Digital can never provide the engagement potential of physical.

What will the retail industry look like in future?

As mentioned above, the global crisis has proven to be a catalyst for existing trends. Physical retail needs to focus on the ‘experience’ over transactions. It is no longer about selling products but rather about providing an experience that delights consumers and fosters customer and brand loyalty. We are building the future of retail by making it more engaging, more transparent, and more productive. Our vision is to make retail globally accessible.

What will CRE look like in the future?

The retail industry needs flexibility. Short-term leases will become the norm as brands look to not only reduce risk but also increase flexibility so they can change location frequently, thereby increasing their brand reach. Commercial real estate needs to align with these requirements in a post-Covid world and make flexible leases the priority. Since day one Storefront has worked on aligning retailers with commercial real estate players. Short-term is the new long-term.