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Westfield Predicts Retail’s Future, VR Included

Bricks and mortar retailers have been battling for sometime to keep shoppers coming in rather than going online. Westfield Corporation who’s portfolio contains 34 shopping centres across the US and UK, including 6,400 retail outlets, has complied a report unveiling five key trends that will shape tomorrow’s traditional retail industry.

The report “How We Shop Now: What’s Next?” is Westfield’s first major study of future retail, and draws on interviews with leading experts and data gathered from 13,000 shoppers.

The one of the five key trends included Enhanced Reality Retail, with the report predicting that virtual reality (VR) is likely to become part of the experience. 42 per cent of shoppers in the US increasingly want to use new technology to understand how products will look at home, and a third would be interested in using virtual assistance to see how clothes would look on them.

Westfield-London

“This is arguably the most exciting time in retailing history,” said MYF Ryan, Chief Marketing Officer, Westfield UK and Europe in a statement. “Fashion stores of tomorrow might look radically different – bringing shoppers through the doors to attend a vintage clothing club, rewarding them financially for recycling their old clothes, helping them pick a new outfit with virtual reality and then loaning it to them for a party at the weekend.”

The full report can be found here and VRFocus will continue to report on the latest VR uses in retail.