WASHINGTON (dpa-AFX) - Global management consulting firm McKinsey & Co. is opening its first brick-and-mortar concept store on Friday at Minnesota's Mall of America, the largest shopping mall in the U.S.
The opening of the new store by McKinsey comes at a time when several retailers are closing their brick-and-mortar stores at shopping malls due to rising rents, labor costs and stiff online competition.
The store opening underscores the management consulting firm's optimism about the future of physical retail stores. The new store is designed to test new technologies and analyse customer behavior.
The store, called 'Modern Retail Collective,' will sell items ranging from jewelry, deodorants, lingerie and other products.
McKinsey is effectively subletting the store out to retailers in the beauty and fashion world. The store will open with four brands - jewelry brand Kendra Scott, online lingerie brand Third Love, and Eleve Cosmetics and type: A Deodorant, two beauty and body brands.
McKinsey intends to collect industry data about how consumers spend time at the stores and decide what to buy. It will also evaluate new technologies to enhance the retail experience.
At the store, McKinsey will test smart mirrors that will visually suggest dress combinations. Fit-predictor software will enable shoppers to virtually try on clothing outside the fitting room.
The McKinsey store will also accept future payment options including cryptocurrency.
The 5.6 million-square-foot Mall of America features more than 520 retail stores and restaurants.
Copyright RTT News/dpa-AFX
© 2019 AFX News
