Co-Retail – The ‘win win win’ retail experience platform
It’s a very exciting time for retail and great to see so many brands and landlords adopting and innovating to meet the new shopper relationship with bricks and mortar. Over the years, brands have embraced technology to create more meaningful experiences but as we have all seen, this is now happening at an accelerated rate with a heightened sense of immediacy to meet the customers needs, because they expect and demand it.
An omnichannel approach is now seen as standard and it’s interesting to see many DTC and digitally native brands establishing a physical presence to connect with their customers. They understand that whilst online shopping has many benefits, it still cannot match the feeling of discovery and experience where you can touch, feel, trial products and walk out of a shop with the perfect item.
A retail concept that is gaining popularity internationally is Co-Retail, a curated space featuring complimentary brands providing a solution to the traditional establishment barriers such as rent, staffing, checkout technology, and marketing. Similar to the co-working phenomenon, it enables and creates synergies providing a collective advantage greater than the sum of its parts.
We are big fans of the concept as it gives brands a voice in a highly competitive marketplace and enables shoppers to discover new products and enjoy new experiences.
Le Magasin has been championing Co-Retail in Berlin and despite launching at the start of the pandemic, they have already opened their second location and are seeking to establish internationally which is fantastic news. We caught up with Tobias Tanner, Co Founder of Le Magasin and Valise Creative Consultancy to learn more about their ambition and why the concept is a great opportunity for brands and landlords.
TT: The Co-Retail Experience is about how you create more touch points for everyone. Our vision is to enable brands to enter major international markets free of barriers, and of course offer them retail presence and meaningful consumer engagement.
The concept of Le Magasin is to alleviate a lot of pain points brands face when entering new markets starting with the right choice of location, through networking with multipliers, to long-term and cost-intensive rental contracts. With our offer, brands benefit from existing infrastructure, exposure to foot traffic, and curated events all within an inspiring space managed by Le Magasin.
What WeWork or Mindspace with their flexible coworking spaces have achieved in terms of transformation in the office real estate market, we would like to achieve in the retail sector – To revolutionize and conquer the retail market with short-term leases for fully equipped and concierge-like serviced retail spaces. Complemented by a tailormade offer of multipliers, micro-events and social media marketing.
CR: It’s a very interesting approach and seems like a win for brands, shoppers and landlords who benefit from making their destination more attractive and vibrant.
TT: Yes, internally we don’t talk about stores, we refer to the space as where we create stories and engaging experiences. We’ve achieved this through a careful selection of dynamic brands across lifestyle, design, fashion and craft spirits from Europe and beyond. The curated selection features brands and products that we like, admire and are proud to call our friends. What they all have in common is that they have a story to tell, and are 100% behind their product. We wish them visibility and success.
CR: What does the near future look like for Le Magasin?
TT: The goal is to grow a roster of participating member brands and international locations helping brands to effectively reach new audiences and benefit from the co-retail experience, the marketing as well as the community engagement that Le Magasin’s platform offers them.
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