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Best Buy Shutters Up to 30 Larger Stores as it Shifts Omnichannel Operating Model

Retail TouchPoints

Best Buy is planning to evolve its operating model with a greater emphasis on smaller stores as the retailer plans to close 20 to 30 large-format stores, implement eight experiential store remodels and open approximately 10 additional outlet stores over the coming year. billion in Q4 2022. Comparable sales fell 9.3%

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Foot Locker Plans to ‘Simplify the Business’ and Grow its Omnichannel Opportunities

Retail TouchPoints

The retailer aims to create a consumer-driven demand engine by growing its ecommerce operations while adjusting its global operations, including halting a planned expansion into Japan. Dillon highlighted Foot Locker’s omnichannel presence , loyalty program and overall digital marketing strategies as the main areas of focus.

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Retailers: Extend Omnichannel Capabilities To The Customer, Not Just Operations

Forrester eCommerce

Omnichannel investments, including in-store pickup and endless aisle, continue to be top strategic investment for digital business professionals at retail organizations.

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Foot Locker Reconfigures C-Suite as it Seeks to Simplify Operations

Retail TouchPoints

The changes follow news that recently appointed Foot Locker President and CEO Mary Dillon would halt a planned expansion into Japan as the company changes course to grow ecommerce and adjust its global operations. 1, 2022, include: Frank Bracken has been appointed EVP and Chief Commercial Officer.

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3 Winning Omnichannel Strategies for Unifying the In-Store and Online Shopping Experiences

Retail TouchPoints

However, there is some good news for brick-and-mortar retail and malls: Coresight Research recently reported that foot traffic at top-tier malls was up 12% on average in 2022 compared to pre-pandemic 2019 levels, while traffic at lower-tier malls was up 10%. billion, a 3% increase over the same quarter in 2022.

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3 Predictions for the Future of Omnichannel 

Retail TouchPoints

In fact, Retail TouchPoints has seen the number of channels used to conduct business grow year after year in its annual Omnichannel and Fulfillment Benchmark Survey. In 2021, retailers shaped their omnichannel strategies around two key issues: customer acquisition ( 63% ) and customer retention ( 58% ).

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5 Must-Know Predictions for Holiday 2022

Retail TouchPoints

That’s why summer 2022 is prime time for Retail TouchPoints to kickstart holiday coverage. Prediction 2: Operational Excellence will Help Omnichannel Retailers Stand Apart. Prediction 5: Holiday 2022 Will Be a True Glimpse of Post-COVID Retail. One of the key areas to watch this holiday season is consumer behavior.