Forty-five million users
provide Foursquare CEO
Jeff Glueck with a treasure trove
of data about where consumers
are spending their time—and
his findings show that brick-and-mortar stores are still a big draw.
“I think the demise of physical
retail is way overstated. What
most people forget is that 92%
of consumer activity is still in
the real world. Where people go
is still an indication of their values. Two of the most innovative
retailers of the last decade are
Bonobos and Warby Parker. Both
started out online but ultimately
went to [physical]. Warby didn’t
find success until it opened these
boutiques, because shipping five
glasses is not the same as trying
on 50 and having a social experience with someone helping you.
“We’re seeing an evolution.
A lot of lousy older malls are
getting absolutely crushed. The
store of the future is going to be
more experiential and personal.
The AI bot that talks to you when
you enter the store of the future
will be informed by how you
spend your time.
“I think brands often underestimate the importance of
social connection. We looked at
the states that legalized cannabis
and wanted to see how it would
affect bar traffic. What we found
is that people still went out to
bars and restaurants because we
are still social animals. We want