The concept of retail has changed so dramatically over the past four decades that it is often hard to keep up with the constant changes. As consumers, it is often hard to track where our dollars go and into whose pockets they head in a globalised financial system.
That is beginning to change with the Buy Canadian Buy Local movements that have begun to flourish in worldwide popularity in response to the ever-confusing world of American policy initiatives, and a president who continually resets the bar, creating vast amounts of global market instability.
This is a positive development, as it encourages Canadians to engage in discussions about the country’s future direction locally, nationally, and internationally.
The main question is where this leaves the retail sector and what challenges it will face in the looming presence of the new GIG economy. The orderly storefronts of what used to be prime retail spaces, for the most part, have been replaced by "for lease" signs as we walk down our city streets or enter shopping malls to shop for our needs.
The Gig economy is everywhere, whether it be groceries, eating establishments, Motion Pictures, News Sources, transportation and a vast array of goods and services, which were necessary spin-offs of the retail environments of the late twentieth century. Now, the stores in Major Malls, such as the Toronto Eaton Centre, Yorkdale, or West Edmonton Mall, are mostly corporate-owned showcase stores that usually sit empty, but are there as a reminder by the companies that they are still in operation.
The problem facing retail is that there is no turning back. Consumers have gotten used to point-and-click shopping. They may come to the mall to look, but 9 times out of ten, the money will flow online. Again, this affects all retail from the clothes on our backs to the food that we eat.
With the High overheads to which most retailers are subject, survival is next to impossible. This has given rise to a new retail experience, known as pop-up markets. They are not new.. Yonge Street was famous for its pop-up shops along the sidewalks, which were banned in the nineties because most did not have city vending permits to sell their merchandise. Mainly, I think to protect those businesses on the commercial strips, or as just recently, the Kensington Market.
I like the idea of the pop-up store most are specialized and offer consumers a choice without the extensive overhead attached to the item you are buying. The great part about them is that those profit dollars go to support local people as individuals rather than large corporations.
So, when you're thinking Retail take a wander over to all these Pop-Up shops usually at Farmers Markets or major street events. You may very well surprised at what you can find!
