(Yicai Global) June 27 -- Against the backdrop of ever-declining traditional retail formats, and facing various challenges, the old name brands in the trade are trying fortransformation.
Local traditional retail titan Bailian Group opened its first RISO retail store in Shanghai on June 26.
The store focusing on catering + fresh food + bookstore format, is positioned as Bailian's new retail discovery outlet.
The outlet has an area of about 3,200 square meters extending over two floors. The first floor offers fresh food, while the second houses a dining and bookstore complex. The venue has breakfast, lunch, afternoon tea and night canteen supply facilities.
"In fact, to offer catering and bookstore in the shop is to attract customers, and we ultimately hope that it will bring in consumption in the store by these customers, which will promote the store's business," Wang Hui, Bailian Omni-Channel E-Commerce Co.'s future store project manager, told Yicai Global.
Future RISO stores will also be divided into community shops and convenience stores, with expansion after these integrate with arts, culture and other formats, Wang added.
The first RISO store was transformed from the previous Bailian's Yongan jewelry store, reflecting the company's ongoing restructuring of its department store and other old formats. In addition to the RISO new format, Bailian is currently remodeling the First Department Store and Orient Building it owns to effect a comprehensive transformation to new retail.
The impact of e-commerce and high operating costs are driving many retail stores to close. Bailian also confronts this same problem. The test for this new format is therefore to take the advantage of fresh food offered in physical stores, and combine experiential formats to attract customers, senior retail industry expert Shen Jun told Yicai Global.
"Commercial retail is changing from price-oriented consumption to value consumption, experiential consumption and personalized consumption. Bailian's new retail format focuses on the remodeling of retail value and better lifestyle experience, which is not only the simple integration of online and offline, noted Xu Ziying, president of Bailian Group.