How the smallest of retail venues are innovating for the future
Before there was the convenience of the internet, there was the humble vending machine. Vending machines were literally on every traffic corner standing ready to serve of a cold soda, or snack. Today, the vending companies are literally having to think outside of the box in order to survive. Instead of just offering bags of chips, today's vending machines are serving up hot French fries, cold champagne and even caviar. But, the real story is not the sexy new vended offerings, it's all about the innovation behind the scenes, which is making this "old" retail format compelling in today's market. Big box retailers would do well to study these seven critical success factors that have created a resurgence of the smallest box in retailing.
Why this is important: Darwin's law of survival applies to all levels of retail and species survival – "It is not the strongest or the largest that survive … it is those most adaptable to change." Vending is now adapting at a rate that can create disruption.