“One-stop shop” as we know is a firm offering a multitude of products or services to its customers, all under one roof. This is further evolving as the large retailers are reinventing their business models in the post-pandemic era. What particularly caught my attention is Walgreens’ announcement at end of March 2021 that it would offer the bank accounts online and at its nearly 9,000 stores by the end of the year 2021. As well, Walmart also announced its plan to offer customers access to lower-cost financial services.

You might remember the first major departmental store in the USA, Lord & Taylor [started in 1826] that tasted a big success of offering their foot traffic everything they needed in apparel under the one roof. One this I recollect as of March 2020, when Lord & Taylor Bridgewater, NJ was publicizing “The must attend Prom: One-Stop-Shop at Lord+Taylor! This event is not only a Fashion Show but the place to find all that you will need for prom this year”. With this pandemic on top of changing online retail preferences causing economic destruction, Lord & Taylor declared bankruptcy and closing its last leg of 38 stores in August 2020.

One-stop shopping very much prevails in the financial services industry. JPMorgan Chase is like a supermarket bank offering checking, savings, asset management as well as risky trading activities under one roof. This principle of offering more under one roof can be seen in health and beauty spaces as well. Big retailers started bundling services like in-store restaurants and expanding to online and in-person banking giving people the opportunity to shop and bank.

Creating Better “One-Stop Shop” Experience: Extending Beyond Non-Financial Products Offering Financial Services

With increasing digitization combined with a shift in business models post-pandemic, it makes a lot of sense to combine non-financial products and financial services creating new-age retailer experiences. For established mega-retailers like Walmart and Walgreens, an opportunity to grab a share of the financial services space came in handy by their existing brand awareness, combined with their brick-and-mortar presence in the USA and across the globe.

Walgreens in partnership with MetaBank and leveraging InComm Payments’ banking-as-a-service platform is launching bank accounts for its customers both online and at 9,000 of its retail stores by the end of 2021. Walgreens is branding this as an “alternative profit strategy”, and planning to digitize its gift card program. In the coming days, Walgreens offers one-stop-shop opportunities to their foot traffic with retail products and signing them up for financial services. In a similar move, Walmart announced its intent to launch a fintech startup in partnership with a VC firm Ribbit Capital [that involved in launching Credit Karma and Robinhood]. H&R Block as well is partnering with MetaBank to offer digital banking services to its tax customers.

Next-Wave of “One-Stop Shop” With Vaccinations

In addition to financial services, retailers are adding ease of offering vaccinations to the shopping experience. I recollect here Walgreen sponsored NBC’s “Roll Up Your Sleeves” awareness campaign on 18th April, featuring President Biden and former Obama in dispelling concerns about COVID-19 vaccines. Beyond the United States, Walgreens’ Alliance Boots in the UK delivered COVID-19 vaccinations supporting England’s vaccine plans. Another major CVS also grabbing vaccine pie.

In the new age of COVID, even with the reopening, the big pharmacy chains are equipped with housing vaccines to the broad swath of populations. While offering these vaccines under government subsidies, these stores are gaining access to many more new customers entering their stores.

Between vaccinations, financial services, as well as any product you might need for your daily life, the “one-stop shopping” trend will continue to be a force in the retail business going forward. Big players like Walgreens & Walmart will be leading this trend for many years to come.

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