Concept stores have been around for a while. They're vaguely described as « shops that sell a carefully curated and unique selection of products that connect to an overarching theme (source) ».
I was getting my haircut this morning but a fine gentleman that have been living in the Mile-End for 22 years. He says he dislikes that everything is a concept store nowadays. He misses the old, scrappy, non-descript shops of the area. I kind of agree with him. I'm OK with the mix of both. I don't think a place should only have one or the other.
Also, I don't think it's a good idea to start a business around a concept. A concept is not an end in itself. Concept stores and restaurants come and go. I think it's because customers, owners and consequently, employees, don't get really attached to it.
When we started the restaurant Le Buck, we were adamant that this was not going to be a concept restaurant. It's a vision we have and it translates into some conscious choices we make (food, service, ambiance, brand, etc.).
You get attached to a vision, not a pre-packaged concept. I try to avoid that word.