April 18, 2016
National Retail & Consumer Products Leader Ron Friedman discussed the rise of concept stores with Fortune magazine.
By John Kell
Lululemon Athletica's core focus for nearly 20 years can be summed up neatly: it sold apparel meant to function in the world of sweat. Geared for yoga, studio classes and running, the brand's most popular tights and tops were meant to make you look fashionable during a workout.
"Concept stores are the future of retail," said Ron Friedman, a retail expert at consulting and accounting firm Marcum. "Innovation is necessary and changing how retail does business is necessary."
Friedman says brick-and-mortar retailers need to find a compelling reason to get shoppers back into stores, especially millennials, a group more heavily invested in the world of e-commerce.