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Retail sector to grow in the Philippines: Zalora catches momentum

Retail sector to grow in the Philippines: Zalora catches momentum

Retail in the Philippines is a fast-growing market, with local players pursuing expansion strategies beyond Metro Manila and in provincial areas. Consumers, with their high disposable incomes, sustain the rising demand.

The sector, however, is experiencing a disruption with the fast-changing preference of millennials and the growing popularity of online shopping.

There is a huge impact on tenancy mix, design and shopper engagement as the tastes of consumers evolve over time. Malls are becoming more than places to shop and keen developers have noted this fact.

SEE ALSO : Decathlon opens first store in the Philippines

“Retail is a very dynamic industry,” Richard Raymundo, Colliers deputy managing director, said, noting that new trends have begun to manifest in the market.

New trends focus primarily on the artisanal and curated lifestyle. Consumers demand authenticity and evolution from brands. There is a constant search for something new or something better among the retail-goers, with the industry straining to keep up with the emerging fads.

“We are excited to partner with Revolution Precrafted in the design and construction of our next edition of our digital Zalora Pop-Up Store. Compared to our previous executions, Bonifacio High Street Pop Up Store in B3 along 7th Avenue is a mobile concept with fully integrated omni-channel innovations that marry the online and offline shopping worlds,” said Paulo Campos III, CEO and cofounder of Zalora Philippines.

The new Zalora Pop-Up Store, in partnership with Revolution, will serve as everyone’s “digital closet” where they can see, touch and, for the first time ever, try their clothes on before bringing it home.

Zalora launches CLICK + CONNECT, wherein customers may order online, try on items before purchasing and bring home right then and there.

SEE ALSO : Ayala enters e-commerce through Zalora Philippines

More than a traditional retail store, this year’s Pop Up Store is a one-stop digital, fashion and lifestyle concept store all together, as they aim to create a social and collaborative space, truly bringing e-commerce to life.

Another undeniable trend that has taken the market is the focus on food.

Projected growth of food and beverage concepts in the local retail sector is at 30 percent to 50 percent. Filipinos are proving to be open to experimenting with new food more often and more spontaneously.

There is also the word-of-mouth factor, wherein consumers are more willing to share these experiences with their friends—online and off.

 

(Source: Business Mirror)

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