Recently, the department store Nordstrom announced that it's preparing to roll out an innovative new line of stores without merchandise called Nordstrom Local. The small-format space is centered around personal shoppers and services. Is this a reinvention of retail or a complete rebirth of a brand’s commerce model?
Since the 1950s, traditional retail has been the foundation of consumer spending and still holds 90% of all volume, even as technology and human behaviors shift toward faster and more convenient methods of consuming.
Over the past decade, retailers have tried to adapt and stay ahead of trends to combat the shrinking traditional retail model by delivering alternative solutions, driven by human-centric behavior and the rise in technology, in order to satisfy consumer demand for quicker, more relevant and convenient commerce models.