Circular Economy Concept Stores: Resales, Repairs & Evaluations
Published 24 August 2023
Responding to consumers’ swelling interest in sustainability (see Key Stats) – and cost-of-living-crisis-spurred desire to buy less or make products work harder/last longer – astute retailers are bringing circularity-focused experiences into physical stores. Key strategies include exchange boutiques (premiumising the swap shop), integrated aftercare spaces merging the new and the renewed, high-concept rental concessions and 360° activism flagships.
Exchange Boutiques: Premiumising the Swap Shop
Integrated Aftercare: Stores Merging the New & the Renewed
Rental Retail Revolution Moves In-Store
Activism Central: Full-Circularity Flagships
New-era swap shops acknowledge both inflationary pressures and the resale boom (see Key Stats). However, based purely on exchanges (facilitated by brands for a fee) as a means to slow consumption, the service proposition is underscored by authentication – determining products’ swap value – prep services to boost those evaluations, and community.
New-era swap shops acknowledge both inflationary pressures and the resale boom (see Key Stats). However, based purely on exchanges (facilitated by brands for a fee) as a means to slow consumption, the service proposition is underscored by authentication – determining products’ swap value – prep services to boost those evaluations, and community.
Summary
Exchange Boutiques: Premiumising the Swap Shop | New-era swap shops acknowledge both inflationary pressures and the resale boom (see Key Stats). However, based purely on exchanges (facilitated by brands for a fee) as a means to slow consumption, the service proposition is underscored by authentication – determining products’ swap value – prep services to boost those evaluations, and community. |
Integrated Aftercare: Stores Merging the New & the Renewed | Understanding that most consumers will never solely buy second-hand products, a wave of brands are dialling up the presence and kudos of sustainability by inserting aftercare concepts (repairs, recycling, renewals) into the heart of the main retail experience, often complementing the ‘new’. |
Rental Retail Revolution Moves In-Store | Fuelled by the appeal of a less-stuff-and-lower-commitment lifestyle, rental services are gaining popularity (consumers now rent product categories they wouldn’t previously have considered, and more regularly – see Key Stats), warranting their shift into physical stores. Key tactics include collaborations with up-and-coming creatives (harnessing the interest of younger people), speed-renting and community-centred initiatives. |
Activism Central: Full-Circularity Flagships | An emerging breed of community-focused one-stop shops aren’t only extending access to circular economy services, but providing deeper levels of guidance as regards sustainable living, including supporting grassroots activism. It’s an astute tactic: 43% of British Gen Zers and millennials alone say they’re actively engaged in climate change discussions (Untold Insights, 2023). |
Circular Economy Concept Stores: Resales, Repairs & Evaluations
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Offering access to over 350 consumer and cross-industry reports annually, Stylus Membership is your window to tomorrow’s most exciting opportunities.
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