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Management consulting firm McKinsey opens retail store

02
Oct '19
Pic: Shutterstock
Pic: Shutterstock
Management consultancy firm McKinsey & Co. plans to sell women's underwear, jewellery, deodorant and other products to better advise its retail industry clients. McKinsey last week opened its first brick-and-mortar concept store, called Modern Retail Collective, at Minnesota's Mall of America, the largest shopping complex in the United States.

Among the brands whose wares McKinsey will showcase in the first phase of its pilot is ThirdLove, a women's underwear company. The pilot aims to collect data about how consumers move through stores and decide what to buy.

The partnership also will test a host of new technologies that could enhance customers' in-store experience and, in turn, drive sales and profits for retailers, according to US media reports.

More than 8,000 US stores have closed so far this year due to rising rents, increasing labour costs and shrinking foot traffic, and up to 4,000 more are expected to shut down by December, according to Coresight Research.

Consumers increasingly want to be able to see and feel products, as well as have easy access to technology. McKinsey will test innovations like smart mirrors that visually suggest sartorial combinations and allow shoppers to compare outfits. Fit-determination software allows shoppers to virtually try on clothing outside the fitting room. The McKinsey store will also accept cryptocurrency as a method of payment.

Fibre2Fashion News Desk – India


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