Despite the economy crushing many brands that thrived during the pandemic, some are turning things around. A primary example of this is the online home furnishing company, Wayfair, opening its first physical store. Nonetheless, is this move smart in this market or are they building castles in the sky?
Cashing In on Customers Going Out
In the modern marketplace, a virtual retail presence is essential for any company. However, more customers are moving away from online shopping and returning to shops.
A 2024 Capital One Shopping Report recorded that 45% of consumers prefer shopping at brick-and-mortar.
With this in mind, Wayfair is joining other companies like Toys R Us in coming back to physical stores.
This decision comes on the heels of Wayfair making dramatic changes including laying off 13% of its workforce in January.
And so far, those cost cuts have paid off. Now, Wayfair hopes its physical store initiatives will cut down on marketing costs and attract new customers.
This is what to expect…
Details on First Brick-and-Mortar Wayfair Store
On May 23, Mayfair will open its flagship store in Wilmette, Illinois — a Chicago suburb.
It will be a massive 150,000 square feet with 80,000 pieces of inventory. Aside from the entire spectrum of household needs, it will include:
- A quick service cafe
- Custom cabinetry services
- And, in-store pick-up for online orders
There is yet to be word of Wayfair opening other stores across the country. Therefore, it is probable they are waiting to see how this one performs.
That being said, there is evidence that this experience is what the people want. And to that end, let them shop.
Be Great,
GCTV Staff
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