Honey, I Shrunk The Store: Retailers Go Smaller to Grow Bigger
It may seem like a paradox, but retailers like Macy's, Ikea, Nike, Target, Amazon, Nordstrom and more are all pursuing small store format strategies in hopes of getting closer to customers and reigniting market share growth. While this isn't fundamentally a new idea--and one could argue that for some it's coming at least a decade too late--this next generation of concepts is less about merely optimizing a store's size to make more locations work, but rooted in addressing the increasingly hybrid nature of retail's brave new world and the changing dimensions of convenience.