The next era of retail and its new generation of consumers are already here. Success in the industry is no longer just about scale. 

The third and final day of the NRF 2026 Asia Pacific shone a spotlight on what it really takes for retailers to win in the evolving retail landscape, as changing consumer demand and new technologies constantly redefine how businesses operate.

According to Alice Liu, president and CEO of fashion enterprise Golden ABC, the retailers who succeed in the years ahead will not necessarily be the biggest or the oldest, but the ones who adapt the fastest while remaining deeply connected to the people they serve.

Winning next-gen consumers 

The Philippines, Golden ABC’s home market, has one of the youngest populations in Asia Pacific, with a median age of just 26. The next generation of consumers in the country has been driving new trends and is reshaping retail at an extraordinary speed. 

“The younger consumers are digital first, but not digital only. They are highly value-conscious, but also deeply experience-driven,” Liu said. “They move fluidly between online and offline without seeing any differentiation between the two. They do not simply buy products; they buy identity, meaning, belonging, and experience.”

As engagement happens across multiple platforms and purchase can take place anywhere, consumers today expect speed, authenticity, convenience, connection, purpose-driven products, and, above all, consistency, she continued.

To win these customers, according to Liu, retailers need to have the ability to integrate physical retail, digital engagement, cultural relevance, and storytelling into one connected brand experience.

She believes that the retailers who shift from transaction-based thinking toward relationship-based thinking will be the ones who shape the future of the industry. 

“The next generation consumer is not waiting for retail to evolve. They are already redefining it,” Liu stressed.

Physical complements digital

In this new era of retail, omnichannel is no longer a competitive advantage but is the baseline expectation, and the physical retail experience is not disappearing but is shifting into a new form.

According to Liu, the stores that succeed today are not simply selling products but the ones that are creating reasons to visit and offering the right experience for their customers.

“This is where physical retail becomes powerful again, not as a competitor to digital, but as its complement. Digital excels at speed and convenience, but physical retail offers something technology alone cannot fully replicate: Human connection, immersion, emotion, and experience.

“The future of physical detail is not smaller; it’s smarter, more intentional, more immersive, and more human,” she said.

The long game and the ecosystem

Sanveer Gill, director of Gill Capital, said that retail, especially in Southeast Asia, is all about longevity. Gill Capital holds the regional franchise rights and operates stores for major global brands, including H&M, Brunello Cucinelli, Giorgio Armani and Alo Yoga.

According to Gill, who is now the second generation in the family-run business, brands from the West do not always have the right playbook when they enter the region, as what worked in those markets does not necessarily translate here in Asia.

“What I realized was that you shouldn’t ask people for directions if they haven’t been where you’re going. They had no idea how developed and how mature the markets are, and also what the infrastructure of retail and residential looks like,” he said.

Gill stressed that brands need to play the long game to win customers and get ahead of future demand in the region.

“People are exposed to luxury brands in different ways. In malls where we operate, certain consumers are just outside the store taking a selfie or taking a photo with the facade. Some enter and feel intimidated, while others walk around just for the experience and a story to tell. Then, of course, there are people who actually purchase.

“One thing we should not forget is that today’s aspirational customers are going to be tomorrow’s consumers, and retail is a long game. It is important to create an inspiring experience for customers and sustain that over the course of time,” he elaborated.

In this journey, according to Gill, the ecosystem should be taken seriously, regardless of the brand, product or price point. For example, a shopping center has to have a retail ecosystem that has a money changer all the way up to a Brunello Cucinelli store, he said, adding that everything plays a part in the overall ecosystem.

For the operator of Aeon shopping malls in Malaysia, the ecosystem plays an even bigger role in its strategy. Aeon360 was established for this reason, as the joint venture unifies memberships, loyalty programs, and data capabilities across retail, financial, and digital services.

“We have all these different kinds of elements, from the store, app, e-commerce, to the content fulfillment, payment, membership, and various commercial partners like suppliers and tenants. They are all separate touch points,” said Low Ngai Yuen, MD of Aeon360.

“We need to come together, because we are serving the same group of people in the same segment,” she added.

Yuen stressed the importance of integrating various data types (transactional, relational, behavioral, contextual) to enhance customer engagement, ultimately creating a seamless, customer-centric retail experience.

Content commerce is more important than ever

Content is now part of the co-shopping experience, blurring the line between content and commerce. The trend is most noticeable in the fashion and lifestyle sector, and for Zalora, leveraging content to benefit brand partners on its e-commerce platform is more critical than ever.

According to Crystal Yeoh, the group’s senior regional manager, content not only drives demand and awareness but also helps boost conversion by turning inspiration into commerce. 

“At Zalora, we focus a lot on social-first storytelling, working with KOLs, and also providing inspirational content for our consumers,” Yeoh said. “We basically help to turn fashion into life.”

She noted that retailers should pay attention to certain aspects to get the best out of content commerce.

“We usually pay attention to pop culture, celebrity news, fresh movements, and emerging KOLs, and then from there we identify the brand or the product that is the most relevant,” Yeoh said.

Businesses should also treat content as a long-term capability rather than a one-off campaign, aligning it with business objectives, whether it is spreading awareness, marketing a particular product, or driving conversion, she continued. It is also necessary to develop an agile and scalable operating model that can react quickly to trends.

Yeoh mentioned the role of data in understanding consumers and in engaging them with the most relevant content. Essentially, AI should be integrated and utilized in a way that it does not overshadow the human touch.

“Content would now have to serve both humans and AI. It needs to be engaging enough to influence your consumers, while also being structured enough in terms of product description and context so that the AI can identify and push your product towards the front.

“Content no longer just revolves around persuading the consumers, but is part of a restructured social commerce, and it fits into this current landscape that we’re creating,” Yeoh said.

• Further reading: NRF’26: Asia is becoming a ‘retail lab’ for brands to adapt and innovate.