Though brick-and-mortar retail continued to show resilience and agility through the first half of this year, technology trends are much on the minds of retail store managers. That’s according to the latest Mid-Year Retail Sentiment Survey by Levin Management Corp., which found nearly 40% of the poll’s respondents reported making new tech investments this year, reflecting a push to strengthen marketing initiatives and improve customer service.
“Retailers are working to shape shopping experiences to meet consumers’ wants and needs, and to reach potential clients through diverse channels,” said Levin CEO Matthew Harding. “As technology becomes increasingly sophisticated, retailers are finding – and embracing – its value on both fronts.”
Some other noteworthy tech-related results from the poll:
- More than half (55.3%) of LMC survey respondents are actively employing technology to analyze customer and/or sales data for the purpose of merchandising, creating services/menu options, planning in-location events or creating individualized special offers.
- For the first time, LMC asked tech-employing retailers whether Artificial Intelligence (AI) is part of their tech toolbox. Roughly 12% of survey participants are already using AI in some form, while nearly 21% are currently exploring how AI could potentially aid their businesses.
- When it comes to how retailers are using technology in-store to provide incentives and convenience for their shoppers, popular options in 2024 include digital coupons, discounts and/or loyalty points (offered by 63.7%); free Wi-Fi (offered by 49.3%); and electronic receipts (offered by 43.8%).
Beyond providing technology insights, the LMC survey findings indicate 2024 is shaping up to be another strong year for brick-and-mortar performance, with 66.9% of participants saying their year-to-date sales are the same or higher compared to mid- year 2023, and 69.5% saying their traffic is at a similar or higher level. And their outlook is positive, with 79.6% expecting sales to maintain or increase pace through the end of the year.
Click here for more from the Levin survey.
Ready to Relocate? Wilkerson Makes Your Move Seamless
When Brockhaus Jewelry decided to leave their longtime West Main Street storefront for a standalone building elsewhere in Norman, Oklahoma, owners John Brockhaus and Brad Shipman faced a familiar challenge: how to efficiently reduce inventory before the big move. Their solution? Partnering with liquidation specialists Wilkerson for a second time.
"We'd already experienced Wilkerson's professionalism during a previous sale," Shipman recalls. "But their approach to our relocation event truly impressed us. They strategically prioritized our existing pieces while tactfully introducing complementary merchandise as inventory levels decreased." The carefully orchestrated sale didn't just meet targets—it shattered them.
Asked if they'd endorse Wilkerson to industry colleagues planning similar transitions—whether relocating, retiring, or refreshing their space—both partners were emphatic in their approval. "The entire process was remarkably straightforward," Shipman notes. "Wilkerson delivered a well-structured program, paired us with a knowledgeable advisor, and managed every detail flawlessly from concept to completion."
