Benzinga | Nov 5, 2021 05:05PM EDT

Facebook Joins Retail Store Bandwagon Like Apple, Google: All You Need To Know

* Meta Platforms Inc (NASDAQ:FB), formerly known as Facebook, has discussed opening retail stores that will eventually span the world, the New York Times reports.

* It said it's shifting focus to building a virtual world or metaverse where users can socialize, work, and play with Oculus Quest VR headsets (rebranded Meta Quest), AR smart glasses developed with Ray-Ban called Stories, and Facebook Portal video chat devices, CNBC reports.

* Meta would use the stores to introduce people to devices made by the company's Reality Labs division, like virtual reality headsets and, eventually, augmented reality glasses.

* These devices are gateways to the metaverse, a futuristic digital world where people seamlessly move from virtual to augmented reality versions.

* Meta is reportedly planning a flagship store for Burlingame, California, where it has an office for Reality Labs.

* Meta envisions shops with a modern, minimalist aesthetic and subtle branding placement, TechCrunch reports.

* The company considered multiple names, like Facebook Hub, Facebook Commons, Facebook Innovations, Facebook Reality Store, and From Facebook.

* Before the name change, Facebook reportedly settled on calling its retail locations the "Facebook Store."

* Meta aims to spark "curiosity" and "closeness" with its stores and provide customers with a welcoming atmosphere where they can have a "judgment-free journey" while experimenting with headsets.

* Companies like Apple Inc (NASDAQ:AAPL) have found success in retail stores, and Alphabet Inc (NASDAQ:GOOG) (NASDAQ: GOOGL) Google recently made its debut. Microsoft Corp (NASDAQ:MSFT) ditched its retail locations to focus on its online store.

* Price Action: FB shares closed higher by 1.64% at $341.35 on Friday.

* Photo by Gerd Altmann from Pixabay