Brick-and-Mortar Retail Represents Big Savings Opportunity for Consumers, Per New ICSC Survey
Cost Savings in Physical Retail Stores as High as 30 percent over
Online Prices
NEW YORK–(BUSINESS WIRE)–The International Council of Shopping Centers (ICSC) today released a
new report which revealed that consumers have an advantage when it comes
to finding better deals in brick and mortar stores, as compared to
online. Specific categories, including beauty products, women’s apparel,
women’s accessories and women’s shoes were significantly less expensive
in-store, for the same products, with an average cost savings of seven
percent across those categories.
Women’s Apparel Pricing Favors In-Store
Women’s clothing purchased in stores performs particularly well in
comparison with the same items sold online. Overall, consumers would
have saved up to nine percent by shopping in stores for the women’s
clothing included in our study.
- 19% savings: Athletic wear
- 10% savings: Pants/jeans/shorts
- 8% savings: Shirts/blouses/tops
- 2% savings: Dresses
Beauty Brings Big Savings to Brick-and-Mortar
Within the beauty category, there was an average price savings of six
percent for the same items purchased in a store.
- 27% savings: Lotions
- 22% savings: Bath/cleansers
- 15% savings: Hair products
- 14% savings: Makeup
Accessories at Lower Cost Offers Variety to
Consumers
Women’s accessories were five percent less expensive in-store than
online.
- 30% savings: Jewelry (non-genuine gemstone)
- 5% savings: Hat/sunglasses/scarves
- 1% savings: Purse/totes/backpacks
Footwear for Women at Significantly Reduced
Price
Women’s shoes, on average, were seven percent less expensive in
brick-and-mortar stores.
- 18% savings: Sandals
- 9% savings: Athletic shoes
- 6% savings: Boot/casual/flats
Consumers have shown a preference to shopping in a store rather than
online, as seen by ICSC’s 2016 Holiday Shopping Intentions Survey. Top
reasons include being able to touch, see and try the merchandise as well
as immediate gratifications of taking the product home.
“There’s no replacement for the social and emotional aspects of going
shopping nor the ability consumers have to touch, see and try out
merchandise when they visit a physical store,” said ICSC President and
CEO Tom McGee. “The convergence of digital and physical creates the
added benefit of being able to price compare, research and evaluate
purchasing options so consumers make better informed decisions while
shopping.”
Methodology
ICSC conducted research and reviewed several sources comparing prices of
goods online and prices of goods in-store, studying 547 products across
several categories at 124 stores across the country in June 2016. Tax
and shipping costs were not factored into the pricing comparisons.
About ICSC
ICSC serves the global retail real estate industry. We provide our
70,000+ member network in over 100 countries with invaluable resources,
connections and industry insights, and actively work together to shape
public policy. For more information about ICSC visit www.icsc.org.
Contacts
ICSC
Stephanie Cegielski, (646) 728-3572
scegielski@icsc.org
