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An 18-month study into the future of retail in the age of digital technologies has been launched by the Oxford Institute of Retail Management at Oxford University's Saїd Business School.
The institute said companies are "actively reconsidering their business models", with the high street under threat. Institute director Dr Richard Cuthbertson, who is leading the research, added that the "clock is ticking" for traditional stores as they seek to unite digital with traditional technologies.
"The institute has worked for more than 25 years in this area and the project will build upon that insight to chart the retail landscape and explore the challenges and opportunities facing retail organisations,” Cuthbertson said. "We will talk with individuals from all parts of the retail sector and with policy makers, and will review retail experience overseas as well as technology developments, to shape and test possible scenarios for retailing in the years ahead."
The project is being sponsored by Intel and will take a broad view of retail change including the socio-economic implications such as new and varied employment opportunities and the reshaping of the traditional town centre.
Cuthbertson added: "Few retailers have yet developed a convincing strategic approach to effectively marrying online and in-store retail . . . For many retailers the two platforms are only loosely related at best, and at worse, they actually compete with each other. We anticipate much more alignment of the two platforms from the best retailers, with richer digital experiences in store."