Trend Alert: Neighborhood Goods

Trend Alert introduces you to the latest brands, products and services that are trending with 16-24s.

You might think that the concept of the department store is dying out, but Texan entrepreneurs Matt Alexander and Mark Masinter disagree, and so do their investors. Their startup Neighborhood Goods has already raised $5.75m, before the first store has even opened. They attracted this investment by pitching a brand new take on the department store that combines its traditional appeal with the changing needs of consumers and today’s retail trends. Neighborhood Goods will open their first store in the city of Plano, Texas, later this year.

Co-founder Matt Alexander said: “At Neighborhood Goods, we’re creating something more social and communal around an ever-changing landscape of products. Neighborhood Goods ostensibly takes the polish and approachability of the typical department store, but combines it with the dynamism and community of a pop-up store or pop-up marketplace.”

Neighborhood Goods will not be a static retail proposition, but instead house a curated selection of brands, each using the space to create a fun and engaging customer experience. This gives shoppers a reason to come back, as they know there will be something new each time they visit. The idea is similar to the foodie-friendly venues that have become popular in many major cities, such as London’s Kerb markets (caterers of YMS LDN) or Brooklyn’s Smorgasburg, where the vendors vary week by week.

The store of the future is one of the subjects featured in our 2018 Youth Trends Report. In-store innovations are a creative way for brick-and-mortar retailers to attract the demanding 16-24 demographic, who are used to the convenience of fast online delivery and an unlimited selection of products at their fingertips.

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