10 Things You Need to Know About Retail
Last month while we were attending RECon, the global retail real estate convention in Las Vegas, OMNIPLAN Architects passed out this very insightful piece to event attendees.
With great insight, we believe everyone in retail and retail real estate should be aware of these trends that are affecting our industry as we speak.
1. Know your story
What is your center all about? Luxury? Convenience? Value? Have a story and stick to it.
2. Flip it inside outlets
Outlet centers are thriving as a result of the Great Recession. Developers are looking to innovate the traditional outlet mall. Look for more urban outlet formats and hybrid outlet centers.
3. Green is the new black.
Sustainability is here to stay. Customers demand it. Tenants expect it. Embrace green initiatives in design, construction, and operations.
4. The great outdoors.
Outdoor green space sets a center apart. It enhances the character of a center, provides a setting for outdoor dining and tells your customers they are welcome to spend time there.
Placemaking is being replaced by buzz-making. Ask yourself: Is there a THERE, there? Do I want to spend time in this place? Will I have a memorable moment?
6. Where it’s at.
Great retail is well located, great real estate. Take advantage of your property’s unique attributes and use them to your advantage.
7. Think outside the box.
Think outside about vacancy and underutilized space. Reinvent the space to be better than before.
8. For richer or poorer.
We can’t all afford luxury retail, but we all want high-life experience. Give the customer luxurious, unforgettable moments.
The recent retail trend is moving back towards the city’s core. Retailers are customizing the traditional floorplate to meet the needs of the urban dweller.
10. Innovative retail and restaurateur.
Whether it’s a small format bowling alley, a canine cantina or gourmet grocery store, diversifying and giving your customer more options is not a passing fad, it’s good business.
Keeping up with these trends isn’t optional anymore. To be successful it takes giving your customers what they want, when they want it, and how they want it.
The industry is constantly evolving to meet the needs of customers. Are you?