Retail is not going to die.

With the speed at which technology is shaping our lives, what was once considered new at retail is now considered table stakes and fundamental to the shopping experience. It is encouraging to see brick and mortar retailers taking the necessary steps, an offensive position, in the transformation of retail and assert themselves in the new wave of innovation.

One of the traditional retailers who took the leap and started their transformation early was Best Buy. It started with the Renew Blue program in 2012, an introspection of the company’s successes and fail¬ures. Best Buy internalized the feedback and learnings gleaned from Renew Blue, then tested and developed a new retail reality and landscape that sought to fill the gaps that were discovered and introduce new mea¬sures to appeal to the customer of today and tomor¬row.

A transition of this magnitude, however, does not come without some significant infrastructure and supply chain modifications and cultural lobotomy. Every step Best Buy took had to be calculated and analyzed to ensure there was an ROI and consumer benefit for the changes.

A transition of this magnitude, however, does not come without some significant infrastructure and supply chain modifications and cultural lobotomy. Every step Best Buy took had to be calculated and analyzed to ensure there was an ROI and consumer benefit for the changes.

Best Buy 2020: Building the New Blue, is a new playbook and one brand’s will be watching to see what impact it has on consumers. It’s hard to believe with the number of doom and gloom articles written today that Brick and Mortar can survive against Amazon, but survive and thrive Best Buy are. A ‘4.9% increase to $8.94 billion vs. an estimate $8.66 Billion in domestic sales underlines that the company is more than holding its own in the electricals market and should put pay to the oft repeated fiction that retailers of its ilk will struggle to survive in the era of Amazon’. Managing Director Neil Saunders, Global Data Retail.

In the Canadian marketplace Best Buy renovated 23 stores to a more connected and interactive model. The Retail Council of Canada reported that the company has embraced an approach where online and B&M are regarded in the same way rather than distinct ‘channels’ that compete with one another. This redesign has brought a 20% higher per-store sales on average. (RCC/NationalPost. Hollie Shaw).

What needed changing:

How?

Customers are telling us what they want and how they want it. Today more than ever they are demanding authenticity and want brands and retailers to acknowledge they are human not a pre-defined demographic. Technology is embedded in our lives as a natural extension of making our lives easier, enriched, entertained and efficient.

Retail is no exception.