The starting signal for a new round of the "Retail in Transition" innovation competition has been given. The goal of the competition is to identify innovative business ideas that can contribute to strengthening brick-and-mortar retail. The prizes are impressive: Five teams can look forward to five months of individual coaching. The best business concept will also receive €10,000. The application period runs until April 9, 2017.
The Günther Rid Foundation for Bavarian Retail and UnternehmerTUM, the Center for Innovation and Entrepreneurship at the Technical University of Munich, together with the Bavarian State Ministry for Economic Affairs and Media, Energy and Technology, the Bavarian Retail Association (HBE), and the Bavarian Chambers of Industry and Commerce, are seeking innovative business ideas to strengthen brick-and-mortar retail. Through an innovation competition, the partners aim to identify, develop, and sustainably support future-oriented business models.
German retail records increase in sales
In October 2016, German retailers recorded their strongest sales increase in over five years. Even online giants like Amazon are opening brick-and-mortar stores. Shopping is becoming a social event – in the pedestrian zone, not on the couch.
Brick-and-mortar retail remains attractive, but competition has been fierce for years. In economically underdeveloped areas, shop windows are increasingly empty, and in many major German cities, the same chain stores dominate the pedestrian zones.
Smartly combine online and offline shopping
The innovation competition “Trade in Transition” is therefore looking for ideas and concepts that enhance the shopping experience in stores, use digital technologies for the shopping process, promote cooperation between retailers or cleverly combine online and offline shopping – for new shopping experiences, lively city centers and economic innovations.
Bavarian retailers and founders can present their ideas and concepts Apply by April 9, 2017.
The five best startup and innovation teams will receive support in the further development of their concepts in a five-month intensive program. They will receive individual coaching from UnternehmerTUM, consulting from elaboratum New Commerce Consulting and BBE Handelsberatung, visibility in a network of innovative retailers throughout Bavaria, and a presentation at the RID Future Congress on October 18, 2017, in Munich. The best business concept will receive a cash prize of €10,000.
