What 'retail apocalypse'? Wayfair and other digitally native companies are turning to physical stores for growth as e-commerce profits become more challenging.
Wayfair is opening its first large-format store because the physical experience can be better for customers than shopping online, CEO Niraj Shah told CNBC.
"If you think about the categories we're in, they're typically very visual categories, or very tactile, or, you know, considered purchases, because it's reasonably expensive and you're going to put a lot of care into picking the right item," Wayfair CEO and co-founder Niraj Shah told CNBC. They're also subject to the whims of their partners and could be taken off the shelves with little notice or risk losing a primary revenue source if that wholesaler suddenly goes under or sees sales fall. When brands have their own stores in addition to websites, they have a lot more control over mitigating those risks.
"You'll see a number of categories outside of furniture, but that are very core to your home," she said.For now, Wayfair is opening just one large-format store to complement a handful of smaller shops it opened under its specialty retail brands All Modern and Joss & Main.Wayfair's physical store ambitions reflect a bigger wave of brick-and-mortar openings.
"And this is in our most penetrated market of Los Angeles. So, that's great to see," Spears said. "Health-care professionals are like everybody else, right? They want to engage with brands both online and off, and we're seeing that in our Century City store."
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