Retail

Innovative new retail experiences are appearing across the United States, and Texas is no exception. We started with food halls and experiential outings like escape rooms and now see even more creativity, from axe-throwing bars and esports arenas to Instagram-worthy art installations like Candytopia and experience-driven restaurants and bars like Pinewood Social. Throughout the country, there is a preferential trend toward experiential retail — businesses that provide consumers with unique, unforgettable encounters — and it’s simply a response to changing consumer tastes. Typically, a shopper visits a particular store for one of three reasons: convenience, value or experience. Today, we enjoy greater shopping convenience than ever before. In many areas of the country, we can get nearly everything we need from internet retailers, often with same-day or two-day shipping. According to PwC’s Global Consumer Insights Survey 2018, 41 percent of consumers are willing to pay extra in order to get same-day delivery, while 23 percent are willing to pay for delivery within three hours. Meanwhile, companies that provide exceptional value are showing growth compared to their peers. For example, the parent company of T.J. Maxx and Marshall’s showed steady positive increases in annual sales growth from 6 percent in 2015 …