Around the world, retailing is facing enormous change and major structural challenges as consumers migrate to online channels in preference to stores or malls. The effect of this is already being felt with increasing store closures and pressure on traditional shopping malls. This is leading to a growing number of retail commentators stating that the appeal of the physical retail space is declining irretrievably.

However, against this negative picture we are also seeing a very positive grass-roots level movement in cities around the world where entrepreneurial developers and businesses have taken over redundant spaces of different kinds to create exciting and fresh consumer destinations. New retail formats can form part of these new experiences as well as food and drink offers, cinema, night clubs and other entertainment. The effect has been to draw in consumers, which is then helping breathe new life back into urban areas.

The competing teams in this year’s Future Retail Challenge were tasked with finding a location or building (where their college is located) that is currently empty or no longer being fully utilised. Their task was to develop a strategy and creative approach to revive completely the chosen building so that it could become a new consumer experience. 

"“I was very honoured to join the World Retail Congress this year. It is really a precious experience for a university student to widen their horizon by joining the Future Retail Challenge, attend different talks and meet a lot of different successful retailers during the Congress." -  Megan Ko, The Hong Kong Polytechnic
University

Hong Kong Polytechnic won with their inspiring project that turned abandoned buildings into vertical farms interspersed with farm to table dining options, learning facilities and green retailers.