Virginia Retail Matters 2024: A Recap of Insight, Innovation, and Retail Trends
On September 19, retailers, industry experts, and forward-thinking professionals gathered at the picturesque Kingsmill Resort in Williamsburg for the 2024 edition of Virginia Retail Matters. This much-anticipated annual event, organized by Retail Alliance, provided a deep dive into the latest trends, challenges, and opportunities shaping the retail sector in Virginia.
The day kicked off with an hour of networking, where attendees had the chance to connect, share ideas, and build valuable business relationships. The energy was palpable as conversations about retail innovation and collaboration filled the air, setting a productive tone for the day.
Before the presentations, Retail Alliance unveiled a new video highlighting the significant impact retail has on Virginia. The video showcases how retailers contribute to local economies and foster vibrant communities across the Commonwealth. It serves as a powerful reminder of the essential role retail plays in driving growth and building connections throughout Virginia.
At the heart of the event was the presentation of the State of Retail study (available now to download), commissioned by Retail Alliance and conducted by Main Street America. This comprehensive study provided a deep analysis of both national and Virginia-specific retail trends, blending sales data and survey results from across the U.S. to give attendees a clear understanding of the current retail landscape. New for 2024 were three critical chapters addressing AI, Workforce, and Access to Capital, all of which reflect the most pressing challenges retailers face today. These additions helped equip attendees with actionable insights to address these evolving aspects of the industry.
Another highlight of the event was a presentation on Gen Z consumer behavior, delivered by Melissa Minkow. She offered an in-depth exploration of the purchasing habits and preferences of this key demographic. Melissa works for a global digital solutions partner as director of retail strategy and has previously held a senior advisor role at a global management consulting company, covering omni-channel, e-commerce, mobile commerce, and social commerce. As business owners continue to adapt to the preferences of younger generations, Melissa’s presentation provided invaluable insights into how Gen Z is reshaping the retail landscape. The session was followed by a panel discussion featuring Matthew Horne and Patrick Jackowski from Firehouse Coffee 1881, who shared their own experiences engaging with Gen Z consumers.
The second panel of the day, Crowdfunding as Capital, was led by Ross Chanowski of NuMarket. The discussion focused on the growing use of crowdfunding as a financial tool for small and medium-sized retailers. Ross provided practical strategies for leveraging crowdfunding platforms to access capital while simultaneously building community engagement.
Virginia Retail Matters 2024 was more than just an event—it was a crucial opportunity for retailers to unite, learn, and strategize for success in an ever-evolving market. We look forward to seeing how these insights will shape the future of retail across Virginia!
To see more pictures from the event, click here. Thank you Sara Harris Photography for taking such great photos!