Inventing What A Technology Based Retail Business Can Be.

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Brick and mortar stores still account for about 94% of total retail revenues; further, real-time analytics firm Neustar isolated online and offline transactions made specifically by Millennial college graduates from an anonymized data set of 220 million U.S. adults, and found between 30-64% of them are purchasing via analog transactions made at store locations. Poised to take on a radically different form than ever before, retailers are now focused on selling experiences rather than products, and value-added services at point of purchase. 

Recently voted one of the most innovative brands for 2015, Warby Parker are a poster child for online brands that have successfully transitioned to brick and mortar. The company is averaging about $3,000 per square foot of retail space, a figure that’s in the same breath as Tiffany’s estimated $3,043, and not far behind Apple. 

“Stores are not profit centers as much as marketing collateral, giant advertisements for Warby Parker’s website. They’re synergistic – 85% of Warby retail buyers have already browsed online.” —Neil Blumenthal, Warby Parker joint CEO

Inventing the idea of what a technology based brand can be, Warby Parker don’t just understand the desire for experiences, some say they have a fanatical focus on execution, brand and delivery that others have tried to replicate… and failed.

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