Redefining Retail: 10 Guiding Principles for a Post-Digital World

＂The three main rules of retail have long been defined by an expression used in real estate jargon: ＂Location, Location, Location.＂ The basic assumption was: if you prioritiseAáIp2s the acquisition of the best locations, everything else will fall into place. This approach will no longer apply due to the fragmentation of the market, there have been several rapid and chaotic changes, including Covid-19, competitive pressures and disrupted customer behaviours. The large number of retailers that have gone out of business in recent years shows us that the scenario has changed and closures have pushed some to use terms like ＂apocalypse＂ or ＂Armageddon＂ to describe the difficulties of the current situation. However, it is wrong to assume that the failure of a large number of shops and stores heralds the end of brick-and-mortar retail. If anything, it decrees the end of a model that has remained unchanged for decades and that seems to be inadequate for the Digital Age. In other words -- Covid was an abrupt disruption, but many changes were overdue＂--

PHILIP KOTLER, PHD, is Professor Emeritus of Marketing at the Kellogg School of Management where he held the S.C. Johnson & Son Professorship of International Marketing. The Wall Street Journal ranks him as one of the top six most influential business thinkers.

GIUSEPPE STIGLIANO, PHD, is an entrepreneur and a manager with 20 years of international experience in marketing and communication services. He serves as Global CEO at Spring Studios and is an Adjunct Professor of Marketing at prestigious universities and business schools.