The first ULI Philippines _DEBATE session, in partnership with ASPACE Philippines, “The Future of Retail”, brought together a panel of retailers and industry leaders to discuss where they foresee the trends in the market heading last September 26, 2017.
It was unanimous – physical stores are here to stay but will evolve and change over time. Physical retail, however, will need to embrace e-commerce. In the future, every retail concept will have a digital component.
Foreign brands will continue to dominate retail in the Philippines (except for F&B) so local retailers will have to excel in experience: look, feel, and service in order to create communities of supporters and customers.
The panel was split on betting between physical retail real estate and e-commerce for the future. Most likely it will be a future with both. Physical has the advantage of customer touch points and social connection while e-commerce has the advantage of speed and scale.