Every month, we reach out to retail industry leaders in order to gain their perspective on the market. This month, we asked what trends were likely to come to retail shopping centers.
Sanford Sigal, President/CEO, NewMark Merrill Companies
The opportunity to make multiple stops per shopping adventure to extend the length of stay is growing, as is the investment we are making to ensure our environments are dynamic, changing and reflective of our community. The inclusion of merchants that provide a blend of shopping, services, entertainment, exercise, education, healthcare, etc., is continuing. The transformation of shopping centers to reflect not just shopping, but to also provide art displays, music, outdoor dining and entertainment, also continues. In addition, technology has enabled us to better humanize the experience of our centers. The information we now know about our customers, while maintaining their individual privacy, also continues to grow. Where our customers come from, where they go when they are at our centers, how long they stay, where they go when they leave the center, and how we compare to our competitors all help us define who we lease to and how we ensure our customers have a good experience when they are onsite.
Terry Montesi, CEO/Founder of Trademark Property Company
I see the continued increase of outdoor public spaces, as well as more patio seating at restaurants. Omnichannel services, such as “Buy Online Pickup In Store” and curbside pickup, will continue to grow and possibility accelerate quite a bit in the coming years. Retail stores will be positioned as last-mile distribution destinations and showrooms, ultimately leading to the sustainability of well-located brick-and-mortar retail for omnichannel distribution. Lastly, there will be continued upward pressure on rents and occupancies for the best centers, while retailers, service users and restaurants continue to expand and overall retail supply shrinks or stays flat.
