02 Nov Shoppers Lead Retail
Trends in modern retail real estate – how the shopper experience is shaping design and use
E-commerce and in-store fusion, flexible space and extension, modernized shopping experiences tailored to neighborhood dining and entertainment preferences. These are some of the newest trends bringing changes in the way successful retail developers are designing destinations now, and thinking about the future.
At the 2015 International Council of Shopping Centers’ RECon meeting, over 35,000 shopping center developers, retailers, finance partners and marketing directors gathered to learn and prepare for the future of retail development. Association Chairman Stephen D. Lebovitz highlighted some of the most important new trends (originally reported in the Las Vegas Business Press). Here are some of the highlights:
- Exceptional personalization and connection to the consumer. Shopping centers will further leverage technology to create a customized experience with enhanced customer service initiatives, location-based services and compelling in-store environments.
- Creation of flexible formats. To support the needs of retailers’ omnichannel businesses, shopping centers will evolve physically and technologically to support the growth of direct-to-consumer distribution.
- Better developer-retailer collaboration. To create maximum consumer engagement, property owners have to engage in a collaborative partnership with retailers where they share resources, insights and technologies.
- Fusion of physical stores and e-commerce. Shopping centers will need to be at the forefront of enabling the always-on consumer. They’ll need, for example, to combine integrated digital channels with renewed physical space and a cohesive social media strategy.
- Re-evaluation of a new rental model. By embracing the omnichannel future, there will be alternative means of reporting sales and determining rent, reflecting a flexible system that blends online and in-store sales.
Leading these new trends, Dunhill Partners was founded by President and CEO Bill Hutchinson to reflect the neighborhoods they serve for shopping and dining innovation, as well as overall customer experience. Hutchinson believes that the consumer is leading the way in what they expect from their daily shopping and dining preferences and lifestyles.
Dunhill Partners was founded in 1984 and currently owns and manages more than 4 million square feet of retail commercial property throughout the U.S., specializing in the acquisition, sale, leasing, and management of the commercial real estate.