Innovation Labs Offer Creative Business Solutions

We’ve been hearing for years of the impending “death of retail.” Now, retailers are having to find creative, innovative solutions to gain customer’s attention. One way that is happening is through retail innovation labs.

Retailers use labs to discover new ideas, partnerships, and collaborations to meet consumer demands and industry challenges. Well-known brands such as Coca-Cola, Ikea, and Home Depot are using labs to come up with innovative solutions that will make them stand out within their industries.

These labs allow retailers to test out forward-thinking concepts before introducing them in stores, potentially saving wasted money on a bad idea. One form of a retail lab is an experimental store that companies create to exclusively test out new concepts. These stores make it easier to focus on a new idea than in an existing environment.

Cedarville University offers an online MBA with a concentration in Innovation and Entrepreneurship that is preparing professionals to meet these demands of a changing retail landscape. With an MBA in Innovation and Entrepreneurship, you’ll explore the intersection of design, innovation, creativity, entrepreneurship, and sustainable business modeling to develop a leadership mindset to solve the complex opportunities in today’s demanding marketplace.