Retail As A Service
Can a platform democratize physical retail by lowering the barrier of entry?
Think Shopify, but for physical retail. Offline retail service platforms are offering to help direct-to-consumer companies take off, iterate, and scale in physical retail.
Fourpost, for example, offers “at-the-ready” retail spaces ranging from 50 to 100 square feet in a variety of shapes. Included in 6 or 12-month leases are in-store fixtures, signage, WiFi, point-of-sale hardware, a data dashboard, a dedicated staff, as well as shared event spaces, storage, and a social media manager. Additionally, the platform facilitates brands’ growth by providing programming like panels and workshops with thought leaders and entrepreneurs. Fourpost just opened its first 2 markets in Mall of America in Minneapolis, MN and West Edmonton Mall in Alberta, Canada. Its first tenants, or rather, customers, include Swedish gift and accessories producer Printworks and sustainable, insulated water bottle brand Lamose. Neighborhood Goods is another company running with like concepts. Its first location in Plano, TX houses 30 digitally native brands and a communal space featuring restaurants and events.
The overall concept “retail as a service” is inspired by the service practice in the software space. “When you buy software, you get support; the company is always pushing out relevant content for teams focused on how to use it, best practices,” said founder Mark Ghermezian, “That hasn’t existed in the retail world.” This mindset is also what inspired The Current, which focuses on incubating like-minded, new-to-market, and emerging brands in Boston’s Seaport.
Sources: Glossy (October 18, 2018) | The Retail Darwin (November 2, 2018) | Image: Laura Pittaccio