Stores magazine has dusted off its crystal ball to see what will happen in 2007. Here's what the editors at the publication saw:
1. The future's calling.
Cell phones are poised to become "the most significant electronic consumer device in history," according to Stores. Next year, retailers will advertise, run promotions and even process payments via the cell.
2. Cheap is the new chic.
Retailers need to find ways to bring new unique fashions to the market more swiftly and, oh yes, hold down the price if you're looking to stay competitive in the future. According to Stores, the fast-fashion of retailers such as H&M, Topshop and Zara are among those leading the charge in this area.
3. Demographics assume greater power.
Shifts in the nation's demographic profile will continue to shape retail for years and years. In response, retailers will increasingly turn to micro-merchandising and micro-marketing to connect with consumers on a level that addresses their individual needs.
4. Green is the new black.
Sustainability and social responsibility will be key for retailers as more consumers look to support products and merchants that help make the world a better place to live and shop.
5. Economy hits a speed bump.
Retail sales will grow 4.5 percent next year, according to the National Retail Federation. That number will be two percentage points off what the association expects the final tally to be this year.
6. New Rx for supermarkets.
Supermarkets are looking to provide consumers with reasons to shop in their stores other than in all the other retail channel options they have available to them.
7. Smart money is on retail technology.
Business intelligence applications, contactless payments, kiosks, self-checkouts, biometrics, and radio frequency identification (RFID) are some of the technologies that retail decision makers will be concerned with in 2007.
Discussion Questions: Which of the seven predictions made by Stores magazine do you think will have the biggest impact on retailing in 2007? Are there other predictions you would make for 2007?