The rise of the specialist retailer
The dawn of the omnishopper has given rise to two models: the generalist and the specialist retailer. A small number of 'everything' retailers, who are edging towards instantaneous, seem set to dominate the commodity market, whereas specialist retailers will develop category-specific relationships with shoppers to deliver a personalised experience.
Over two millennia ago, way before the invention of the chain store, specialists were kings of retail. The butcher, the baker and the candlestick maker understood your individual needs, because you were one of relatively few shoppers visiting an independent store. It...