In the "New Economy", business, by necessity of the market's expectations, must be a blend of both bricks and mortar and digital enterprise. Otherwise, an organization cannot compete and ultimately survive in the new millenium. Today's consumer has vastly different and more sophisticated expectations of product, service, value and environment than five or even three years ago. In the new multichannel reality, the boundaries between virtual and physical space are becoming blurred and retailers are being forced to question the role and function of stores in an environment where their relevance to the connected consumer is increasingly subject to challenge. While the role of the store is under question, even the most pessimistic commentators do not seem to be predicting the complete demise of the store. There will remain a role for physical space albeit in a different format and potentially radically smaller scale.

Retailers need to develop an unde...