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is your lease fit for purpose? Technology and the gamification of retail space

10 February 2017

Physical retail spaces are not just 'shops' anymore; barely 46% of consumers felt stores were useful for comparing products. Instead, browsing in a physical store is just one part of an overall consumer experience. To drive footfall, retailers should embrace technology and digitise their stores to make this experience as efficient and fun as possible.

It could be as simple as implementing instore Wi-Fi or as bold as investing in the 'gamification' of physical retail spaces, such as interactive shop front windows or virtual reality shopping aides. Amazon is setting the pace with Amazon Go, a checkout-free grocery store.

Whether it’s technology to make the retail experience 'frictionless' or simply to make shopping more fun, retailers should continue to embrace new technologies to reinvent their physical spaces.

However, do a sense check first and consider any restrictions in your lease relating to shop front, signage, alterations and usage. Are your leases fit for purpose? Check that your legal suppliers are future proofing you in your current lease negotiations.

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