The retail industry is in the middle of a massive shift in how consumers buy, and as a result, service providers will see an unprecedented amount of work in the next 12 to 24 months. This would normally be welcome news, until you consider the current labor shortage and extraordinary inflation pushing costs and wages sky-high. To help service providers better plan for what work is coming, and where, and when, Field Nation partnered with IHL Group, a global research and advisory firm specializing in customized intelligence for retailers and retail technology vendors, to produce this actionable report on how to capitalize on the current wave of work.
- Store openings in 2021 and estimates for 2022 are strong, with most activity happening in food, drug, convenience, mass merchant (FDCM), and fast food.
- Many of these openings are happening in exurbs, or population centers 50 to 100 miles outside major urban areas.
- Existing stores are also undergoing massive changes. 1:1 swaps are no longer the norm as large-scale infrastructure overhauls are needed to support the newer, more complex technologies (like self-checkout and consumer mobile checkout) that are planned in the next 12 to 24 months.
- This tremendous influx of work also coincides with an acute labor shortage and higher-than-normal inflation, making it critical for service providers to have a plan to get the work done.