Strategic Foresight Brief : BOXPARK

Boxpark is a food and retail pop-up entirely made out of refitted shipping containers. Boxpark brings together communities by providing the best off-beat experiences, along with amazing street food and innovative retail. Boxpark Shoreditch was started in December 2011, originally intended to stay open only for 5 years. The overwhelming response from the customers, is why Boxpark is a one-of-a kind pop-up mall in london.

SWOT Analysis:

Strengths:

- One of it’s kind pop-up mall, situated in the most up and coming neighbourhood i.e Shoreditch, London.

- Lower costs for retail units allow budding entrepreneurs to set up shop.

- Primary customers are Gen Z’s and Millenials, who are open for trying out new products and experiences.

Weaknesses:

- Only certain brands will be accepted becasue of a very specified and hipster

customer base.

- Known mostly only for their food and entertainment activities.

Opportunities:

- Post pandemic consumer is more egaer to have outdoor and community

experiences.

- An increase in consumer spending after the pandemic, gives Boxpark an opportunity to boost their fashion and lifestyle retail.

Threats:

- Places like the O2 Arena in London, Carnaby Street and Brixton Village can be tough competitors for Boxpark.

- People are still scared to be in public spaces due to the threat of covid, and have gotten used to shopping online and ordering in.

Boxpark Consumers:

Boxpark consumers are primarily Gen Z and Millenials who fall within the categories of Early Adopters and Early Majority. This is a “hipster” population who loves nightlife, and is ever-ready to try out new products and experiences. They are quite active on social media, and love to try on new tech. They have open and accepting mindsets, and just want to be a part of a fun loving community, despite of their differences. They enjoy unique and innovative food experiences coupled with fun communal activities, like quizzes or game nights.

Trend: Boundless

• The Boundless Consumer is very well immersed into social media and technology. (uniquestyleplatform.com, 2021)

• Night Life, Clubbing and Live Music are appreciated and enjoyed by a Boundless Consumer, as ways of communal bonding. (uniquestyleplatform.com, 2021)

• Unexpected collaborations and creative start-ups with a splash of technology, is what attracts a Boundless Consumer. (uniquestyleplatform.com, 2021)

• Exciting fast food collaborations with luxury and fashion. (uniquestyleplatform.com, 2021)

Key Opportunities for 2022:

A fun collaboration between real and online.

- According to a report on LS:N, the influence of social media platforms like Tik Tok, on fast food and drinks has been undeniable. (LS:N, 2021)

- There has been a rise in the number of TikTok users in UK over the pandemic, and these are mostly Gen Z population.

- Boxpark can collaborate with a brand like ‘BomBombs’, which sells TikTok inspired hot chocolate bombs.

Mapping increase in number of TikTok user from 2019 to 2024

Collaboration with Gender Fluid brands. | Boosting Fashion Retail at Boxpark by peaking the public interest through a live events. | Collaboration between fashion and technology.

- According to a report on LS:N, 50% of people in UK still prefer to shop online, which is why retail brands are merging digital habits with social shopping experiences to ease people back into it. (LS:N, 2021)

- According to a report on WGSN, 80% of consumers are likely to try new products from brands who support LGBTQ+ groups and gender fluidity. (WGSN, 2021)

- A collaboration with ‘Verv’, london’s first gender fluid showroom could prove beneficial.

- The collaboration could be launched with a fun live fashion show, allowing people to scan the garments from the runway and directly purchase from the app.

References:

Hawkins, A. (2021) ‘TikTok Tastes’ In LS:N Trends , At: https://www-lsnglobal-com.ucreative.idm.oclc.org/food-drink/article/26672/tiktok-tastes (Accessed 23/06/21)

Walker, J. Friend, H. (2021)’ Coterie Consumerism’ In: LS:N Trends, At: https://www-lsnglobal-com.ucreative.idm.oclc.org/fashion/article/27042/coterie-consumerism (Accessed 23/06/21)

Hawkins, A. (2021) ‘Queer Care Market’ In: LS:N Behaviours, At: https://www-lsnglobal-com.ucreative.idm.oclc.org/health-wellness/article/27037/queer-care-market (Accessed 23/06/21)

Friend, H. (2021) ‘Gen Z Hangout Market’ In: LS:N Behaviours, At: https://www-lsnglobal-com.ucreative.idm.oclc.org/youth/article/26876/gen-z-hangout-market (Accessed 25/06/21)

Bell, A. (2021) ‘Future Consumer’ In: WGSN, At: https://createtomorrowwgsn.com/1927340/ (Accessed 25/06/21)

Boxpark (2020) ‘BOXPARK Shoreditch: Street Food & Retail Opportunities’ In: issuu, At: https://issuu.com/boxparkuk/docs/shoreditch_marketing_brochure (Accessed 23/06/21)

Boxpark (2021) At: https://www.boxpark.co.uk/shoreditch/ (Accessed 23/06/21)

Unique Style Platform (2021) ‘Macro Trends 2022’ (Accessed 19/06/21)