Global Retail Alliance
info@gra.world
  • Login
  • Register
  • Newsletter
  • Virtual Library
  • Choose your country
    • Australia
    • Brazil
    • China
    • Poland
    • Latin America
    • Middle East
GRAGRA
  • Home
  • Membership
    • Silver
    • Gold
    • Platinum
  • Event
  • News
  • Retail Tour
    • Our Tours
    • Europe Retail Tour
    • Retail Tour – New York
    • Retail Tour – Düsseldorf
  • Contact
  • Home
  • Membership
    • Silver
    • Gold
    • Platinum
  • Event
  • News
  • Retail Tour
    • Our Tours
    • Europe Retail Tour
    • Retail Tour – New York
    • Retail Tour – Düsseldorf
  • Contact

Retail News

  • Home
  • Retail News
  • What Solana Spaces Means For The Future Of Crypto-Based Retail

What Solana Spaces Means For The Future Of Crypto-Based Retail

  • Categories Retail News, Top News
  • Date October 21, 2022
  • Comments 0 comment

Yesterday, a new retail experience launched in the heart of Miami’s Wynwood district. Surrounded by digital brands like Warby Parker and Marine Layer, boutique coffee shops, and some of the city’s best restaurants and nightclubs sits a 4,500-square-foot space called The Solana Embassy. It aims to attract similar customers to its neighbors, with Supreme-like exclusive merchandise drops, a cozy FTX co-working lounge, a Degen Ape Café NFT coffee shop, and a sound and light system that converts the space into a trendy Miami nightclub. However, its primary purpose is to lure the crypto inquirer, the Web3 enthusiast, and the purely inquisitive passerby. In essence, it unites the mysterious world of crypto with the familiar realm of physical retail.

The Solana Embassy is the second location to open by a company called Solana Spaces, which, counter to the belief of many, has no direct association with the cryptocurrency Solana. It was founded earlier this year by Vibhu Norby in collaboration with The Solana Foundation, which funded and incubated the store. Norby is an entrepreneur known for co-founding B8ta, one of the first retail-as-a-service stores that charged a monthly fee to brands to showcase products in its store and receive data. Before the pandemic, B8ta had about 20 stores in the US, several abroad, and extensive funding from prominent investors like Macy’s. However, because of the pandemic’s effects on business, the company closed its doors earlier this year. Although Solana Spaces is new, it’s a concept Norby has been thinking about for some time and plans to expand domestically and internationally.

Crypto Is Uniquely Prepared To Take Advantage of Experiential Retail

The Solana Spaces locations act like B8ta in educating potential consumers and users on what is unknown to those not active in the crypto community. It has a similar purpose to the stores of most digitally native brands. For example, a study from 2019 called Customer Supercharging in Experience-Centric Channels found that these retail spaces “supercharge” customers, increasing spending per order by up to 60% and increasing the frequency of purchases. In another study looking at Warby Parker, the same professors found that about 80% of store visitors were new, and opening a store increased sales in the market by 7.4%. Although these examples refer to digital brands, they’re indicative of the power of the experiential concept.

Source: Forbes

  • Share:
admin

Previous post

Big retailers say they need more tech to deliver better customer experiences
October 21, 2022

Next post

Starbucks is opening an upmarket 3-floor store in the Empire State Building selling cocktails and offering coffee-making workshops
October 26, 2022

You may also like

ULTIMA POR HOJE
First look: Inside Ikea’s highly anticipated Oxford Street store
30 April, 2025
vai tomar
Morrisons becomes first UK retailer to deploy Simbe Tally robot as select stores trial the technology
28 April, 2025
vem nenem
French retail chain Mr.Bricolage deploys Hanshow digital technology as it opens new store in Rouen
24 April, 2025

Leave A Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search News:

News category:

News Archive:

Last News:

First look: Inside Ikea’s highly anticipated Oxford Street store
30Apr2025
Morrisons becomes first UK retailer to deploy Simbe Tally robot as select stores trial the technology
28Apr2025
French retail chain Mr.Bricolage deploys Hanshow digital technology as it opens new store in Rouen
24Apr2025
Nude Project Opens Its First Store in Amsterdam Inspired by Stanley Kubrick
23Apr2025
DoorDash and Coco ramp up partnership with US sidewalk robot delivery launch following Wolt pilot
11Apr2025

© 2022 Global Retail Alliance | info@gra.world | Privacy Policy