In an opinion piece for The Moodie Davitt Report, Michael Guenoun, Managing Director Travel Retail Asia for Cartier, explains the concept of “retail-tainment” and how travel retailers should move away from the transactional and into the experiential.
Aside from acquiring products, global shoppers these days are placing more value on unique experiences. He argues that the pursuit of indulgence, exclusivity, sophistication and status symbols will vanish in the coming year and be replaced by the desire for new and emotional experiences.
Gotten continues by saying digital services won’t be enough to satisfy the global shopper. “Retail-tainment” will however create a destination for them to visit during their journeys. This means attracting global shoppers with a broad range of experiences and products that amount to a lifestyle, using local art, culture, food and design, before they’ll be compelled to shop.
Travel retail has huge potential in developing luxury brands, but the emphasis should be on creating an emotional and real experience that cannot be found on digital or traditional channels.
Subscribe to the Retail in Asia newsletter:
(Source: Moodie Davitt Report)