Seniors In Retailers' Sights?
Dealing (in every sense of the word) with an aging population is a hot topic globally. One of Aeon's malls in Asia has recently found new ways to make shopping easier, and more attractive, to seniors. In addition to stores with products, services and displays aimed at older people, essential amenities such as escalators have been modified to improve accessibility.
At Funabashi, near Tokyo, discounts may be offered on pension day. Clinics and leisure activities are located among more familiar retailers. Speaking to the Financial Times, Jerry Black, Aeon's executive vice-president and chief strategy officer, describes older Japanese people as "the wealthiest, most active, healthiest and longest-living retirement generation in the history of the world."
In Europe, Kaiser's German supermarkets feature magnifying glasses on trolleys and shelves, bright lights, non-slip floors, emergency call buttons and aisles wide enough for mobility scooters.
Accommodating older shoppers seems logical. According to the Financial Times, "Daiichi Life Research Institute estimates that the over-60s account for 40 percent of Japan's consumption spending" while Boston Consulting Group calculates "globally, those over 55 — called 'the Silver Sector' — will account for more than half the consumer spending growth in developed markets over the next two decades."
Japan Daily Press reported on Funabashi in April, pointing to Aeon's shift in emphasis from families to what it says is a "diversified and increasingly active senior population." Japan Times added that products dedicated to their target market include bifocals that can be delivered the day they're ordered and "a new brand of products for women in their 40s or older created by a major South Korean cosmetics company." Signs are also larger than are generally used.
As for letting older people know what's available, there is work to be done. Dick Boer, chief executive of Netherlands-based retailer, Ahold, observes that "advertising always reaches young people." Unfortunately, however, as information and measurement company, Nielsen, points out, "those over 65 watch the most television in the U.S. but are targeted by only five percent of advertisers."