News
McKinsey & Company debuts retail store at Mall of America
October 2, 2019
McKinsey & Company now boasts its own physical store location, at the Mall of America in Minnesota, that provides retailers an opportunity to test technologies aimed at elevating in-store retail experiences.
The retail space, called Modern Retail Collective, will allow shoppers to interact with retailers and brings tech, brands and experience together in the quest to create and develop immersive end-to-end customer journeys, according to a press release. Initially the store will feature four fashion and beauty brands: Elevé Cosmetics, Kendra Scott, ThirdLove and type:A Deodorant.
Technology and advisory participants include Chatter Research, Compass Marketing, ComQi, FaceCake, Farfetch, Flexa, Microsoft, MSM Solutions, Smartrac, Square, RetailNext and Zebra Technologies, according to the release.
Consumers will be able to experience the following:
• Interactive mobile hotspots throughout the store providing single-tap access to product details and allowing customers to create a virtual basket as they go.
• Smart mirrors and fit predictor software allowing virtual trial of products outside the fitting room.
• Faster future payment options, including mobile and cryptocurrency capabilities.
"Retailers are experiencing many pressures as they navigate the evolving retail landscape," said Tiffany Burns, partner in McKinsey’s Atlanta office and Retail Stores Practice Lead, North America, in the release. “Modern Retail Collective will provide insights to retailers exploring opportunities to re-imagine the store through new in-store experiences and technologies that will enhance customer experience and overall store performance."
"Mall of America recognizes the importance of evolving the consumer experience and has been leading efforts to help current and new tenants alike succeed in the everchanging retail landscape," said Jill Renslow, SVP of business development for Mall of America, in the release. "Modern Retail Collective will offer brands a flexible environment to test new technology and discover what resonates with their customers. We are honored to collaborate with McKinsey, such a well-respected innovator in the retail industry, on this endeavor."
