Dan Mason’s 2023 predictions for Retail Destination

Put simply, outlets will do well in 2023. Why is this? It is all about three Rs. 

The first is their resilience …to soak up declines in consumer confidence.
The proposition of outlets has enough stretch to appeal to those who need to save money as well as those that want to – whether shopping down a brand or staying with the same label but switching from full price, its win:win for outlets for the foreseeable future.

The second R is reactive …courtesy of the way data is so deeply embedded into the operating model, outlets are a place where intervention to improve performance is the norm. The granular figures can be interpreted to highlight areas where stock, layout, pricing, promotion and conversion can all be influenced. Its our not-so-secret weapon where even marginal gains can make a difference.

Finally we have relevance …we are in no doubt that 2023 is a year of opportunity for outlets – to entice new customers and re-engage with lapsed ones. Whilst many criticised #blackfriday2022 for its smoke and mirrors use of promotions that didn’t necessarily stack up, outlets have matured; they are trusted, they offer value for 365 days a year not just for a flashsale. For either the cost-conscious or eco-aware shopper, outlet retail just makes sense – a brand of lifestyle, experience-based shopping that covers both head and heart .

RRReally compelling.