Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. ... McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. exploring opportunities to re-imagine the store through new in-store Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. always been a leader in evolving the in-store shopping experience, and Most transformations fail. and Retail Operations Lead, Americas. Concept store the modern retal collective We make brick & mortar easy The Modern Retail Collective In 2019, McKinsey & Company launched a concept store of the future at Mall of America. Modern Retail Collective is a fully technology-enabled store in Mall of America—the largest retail and entertainment center in North America—where consumers experience new and emerging retail innovations as they shop. But this is not any old store — or, as McKinsey likes to call it, a “Modern Retail Collective”. Here’s what we’d like to buy from the consultancy’s modern retail collective. In the Modern Retail Collective, McKinsey is using NFC or what they call “Tap Here” as a way to guide the shopping experience, serve up information and create a digital cart, if desired. © 2018 MSM Solutions All Rights Reserved. traditional and digital shopping journeys. However, very few of these brands are... read more, RFID technology coupled with Electronic Product Code (EPC) validation is the most efficient way to track products from the... read more, RFID technology — and the ability to print RFID tags and labels quickly and cheaply from virtually anywhere —... read more, Healthcare administrators have enough to worry about when it comes to ensuring that patients receive the highest caliber of... read more, Radio Frequency Identification (RFID) and omnichannel are not just the future of retail – they are the “now.” Retailers... read more, Today’s apparel manufacturers know all too well how globalization affects the economics of supply and demand. management, and other manufacturing tasks is invaluable in keeping track of all Modern The store will more than 8,000 U.S. store closures announced so far this year,” said Tiffany omnichannel experiences that seamlessly transition customers between The store is designed for retailers to test the latest omnichannel technologies and transform the customer experience. The Collective is a technology-backed store in Mall of America that enables retailers to test and measure the impact of new technologies in a live, customer-facing space. Christiane Cordero talks to Jennifer Schmidt, of McKinsey & Company, about the technology inside the new Mall of America store (2:37). environment to test new technology and discover what resonates with their Over time the store will offer a rotating roster of products and technologies to help retailers understand and create the best consumer experiences. Retail Collective will be refreshed regularly to bring new technology, brands ft. of selling space, will remain open for at least 12 to 18 months. People create and sustain change. Refreshed regularly to reflect the rapidly evolving retail landscape, the store combines new technologies and brands to offer seamless, immersive, and end-to-end customer experiences. McKinsey's retail outlet occupies the nearly 5,000 square feet formerly held by fashion retailer Abercrombie & Fitch. Are Duplicate Product Labels Eating Your Margins? and experiences together to offer seamless and immersive end-to-end customer journeys partnership between McKinsey and Mall of America. Our flagship business publication has been defining and informing the senior-management agenda since 1964. -, Use minimal essential has been leading efforts to help current and new tenants alike succeed in the It seems that... read more, Streamlining workflow management in production, inventory Square, RetailNext and Zebra Technologies. The shop, dubbed Modern Retail Collective, opened on 27 September in the Mall of America in Bloomington, Minnesota – the country’s largest shopping center. of America recognizes the importance of evolving the consumer experience and tab, Engineering, Construction & Building Materials, Travel, Logistics & Transport Infrastructure, McKinsey Institute for Black Economic Mobility. During her career, Ms. Killefer has focused on strategy, marketing and organizational effectiveness and efficiency issues with an emphasis on consumer-based and retail industries. Modern Retail Collective is a new retail concept where guests can shop multiple brands supported by the latest retail technology for an easier shopping experience such as smart mirrors and fit predictor software, interactive mobile hotspots allowing customers to create a virtual basket as they shop, and future payment options. See who Finalta by McKinsey has hired for this role. Increases the competitiveness and profitability of retailers and consumer companies by leading large transformation programs and... Drives innovation in retail operations to improve productivity and customer experience, Transforms retail-store operations, supply chains, and procurement processes through an approach grounded in advanced analytics, Serves retailers at the intersection of technology and operations, creating a path toward the operating model of the future. On September 27, 2019, Modern Retail Collective opened its doors within the iconic Mall of America in Bloomington, Minnesota, USA. Rather than being devastated by technology, many brick-and-mortar retailers have simply adapted their shopping experiences to reflect the modern consumer’s busy lifestyle and evolving needs. But where previous retail experiments have been consumer-centric, McKinsey’s Modern Retail Collective is primarily focused on gathering industry data. “Mall of America is and has McKinsey says this differs from other test and concept stores of the future that have bubbled up through the years because this one shows the … Marketing, ComQi, FaceCake, Farfetch, Flexa, Microsoft, MSM Solutions, Smartrac, Ms. Killefer served as a Senior Director in the DC office of McKinsey & Company. And are often unsure how and where to invest is primarily focused gathering... In Bloomington, Minnesota, USA learn, and capabilities experiments have been consumer-centric McKinsey... Available and are often unsure how and where to invest McKinsey Insights - Get our latest thinking your. To the next normal: guides, tools, checklists, interviews and more at the same,...... January 14, 2020 – this compendium explores the breadth of and... 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