by David Versel • April 25, 2012 1:13 pm
Key Quotes:
"The old retail model of traveling to a place simply to acquire goods is dying, thanks in large part to the Internet, they said at a panel on retail during ULI's April 17 Real Estate Trends Conference. Today's successful retail destinations are much more about entertainment experiences than shopping."
"The economics of retail is shifting. According to Placemaker Michael Ewing, of Williams Jackson Ewing, retailers now rely on the "clicks and bricks" model, with their physical stores serving as venues for customers to see and learn about products that they later purchase online. Ewing said that people want to feel younger and more affluent than they really are, calling this 'the psychology of aspiration.'"
"A final obstacle to retail developments is the balance between financiers and customers. Lenders still love "national credit tenants" (the big chains), the panelists agreed, but the younger and more affluent are not interested in such stores. Those are the shoppers and residents that developers want to attract, but they have little interest in living near the stores that lenders prefer."
Read the full article at Window shopping is becoming window dressing
A. Joseph Marshall
Coldwell Banker Commercial
Commercial Real Estate Advisor
Savannah, Ga
Summary: Consumer behavior toward retail stores are changing. Young shoppers with the resources to spend visit stores to feel affluent but purchase online. Retail spaces must be about entertainment, not just shopping.
Key Quotes:
"The old retail model of traveling to a place simply to acquire goods is dying, thanks in large part to the Internet, they said at a panel on retail during ULI's April 17 Real Estate Trends Conference. Today's successful retail destinations are much more about entertainment experiences than shopping."
"The economics of retail is shifting. According to Placemaker Michael Ewing, of Williams Jackson Ewing, retailers now rely on the "clicks and bricks" model, with their physical stores serving as venues for customers to see and learn about products that they later purchase online. Ewing said that people want to feel younger and more affluent than they really are, calling this 'the psychology of aspiration.'"
"A final obstacle to retail developments is the balance between financiers and customers. Lenders still love "national credit tenants" (the big chains), the panelists agreed, but the younger and more affluent are not interested in such stores. Those are the shoppers and residents that developers want to attract, but they have little interest in living near the stores that lenders prefer."
Read the full article at Window shopping is becoming window dressing
A. Joseph Marshall
Coldwell Banker Commercial
Commercial Real Estate Advisor
Savannah, Ga
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