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This Week's Biggest Retail Tech News — Retail Technology Innovation Hub

This Week's Biggest Retail Tech News — Retail Technology Innovation Hub


It's Friday, the weekend is almost here. Let's take a moment to reflect on another eventful week for the retail systems sector. Get an overview of the most important stories from the past five days, including Retail Technology Show 2024, MUJI, Fortnum & Mason, RELEX Solutions, Blue Yonder, Walmart, Sainsburys and the 2024 RTIH Innovation Awards.

1. IKEA UK updates Oxford Street London store, scheduled for grand opening in spring 2025

IKEA UK reports that its Oxford Street city store is scheduled to open in spring 2025 as an extensive refurbishment project across all seven floors of the Grade II listed building continues.

It said significant progress had been made across the project, which is being led by Inka Investments, the investment arm of Inka Group, IKEA's largest retailer. The project includes the construction of housing for city stores on Oxford Street and the development of four storeys of office space.

The press release states: A refurbishment of this scale and importance is highly complex and several unforeseen circumstances emerged as the refurbishment program progressed.

It was recently discovered that additional unforeseen work was required on the lower two basement floors to control water ingress and is currently underway.

Peter van der Poel, Managing Director of Ingka Investments, said: “Ikea Oxford Street is a unique project that will carefully and sustainably upgrade a Grade II listed building that is over 100 years old.”

Following the discovery of an unexpected water intrusion issue, the company is now taking steps to reduce long-term flooding risk, protect this historic building for years to come, and future-proof it. We are taking important steps.

2. Retail Technology Shows will see increased attendance among senior-level retailers and retail decision makers in 2024

The Retail Technology Show (RTS) reports that not only has overall visitor numbers increased by +28% year-on-year, but the number of senior decision-making retail visitors will also increase in 2024, with 10% of visitors More than eight of the people in the role were at a senior level.

Last month, RTS held its largest showcase ever, with nearly 400 technology exhibitors on the show floor and more than 120 industry luminaries and leaders speaking on stage and discussing the industry's hottest topics. I did.

The two-day event at London Olympia attracted an audience of 12,752 retail professionals, as well as continuing to attract an elite audience in 2024, according to the latest post-show report.

82% of RTS participants act as executives, senior managers, or heads of their respective retail organizations, with the number of C-level visitors increasing by +2 percentage points compared to 2023. I am.

This senior level of retailer participation means 83% of retailers who joined RTS have influenced or approved retail technology spend decisions within their organizations, a 1% increase from 2023. Did.

As in 2023, visitors to RTS were once again high on fashion and food retailers, with the highest number of participants from the fashion and apparel sector (27%), up +6 points year-on-year, and food This was followed by products (22%), which also increased by +8 percentage points compared to last year.

Other categories of retailer visitors included DIY, home and gardening (9%), general merchandise, and health and beauty (both 5%).

One of the biggest draws for retailers was staying ahead of industry trends and consumer insights (28%).




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