McKinsey & Co opens retail laboratory

Consulting firm McKinsey has opened an experimental store in the Mall of America, where retailers can test and analyse all kinds of technologies intended to transform the shopping experience.

Cycles with a specific theme

Modern Retail Collective, as the store is called, opened its doors in the Mall of America shopping centre in Bloomington (Minnesota, in the north of the United States). The retail concept has a sales area of approximately 230 sqm and will remain open for at least 12 months. Every 3 to 4 months, the store will make room for new technologies, brands and experiences that are designed around a specific theme.

Companies such as Microsoft are supplying applications such as ‘smart mirrors’ that are equipped with an extensive product catalogue, to allow products to be ‘virtually tried on’ outside of the fitting rooms. Furthermore, the lab for retailers has an integrated cloud infrastructure that maps out the entire customer journey, as well as interactive mobile hotspots to provide customers with instant access to all kinds of product information and reviews. Of course, attention has also been paid to the latest (mobile) payment technologies, such as cryptocurrency.

The first, not the biggest one

“Modern Retail Collective will provide insights to retailers exploring opportunities to re-imagine the store through new instore experiences and technologies that will enhance customer experience and overall store performance”, a proud Tiffany Burns of McKinsey’s Atlanta office says.

The initiative is somewhat reminiscent of the ambitious project RetailDetail is launching early next year at shopping centre Stadsfeestzaal in Antwerp (Belgium): ’The Future of Shopping’ will be a unique lab where retail chains and technology companies will test the very latest concepts together over as much as 5,500 sqm spread over two floors.