Every month, we reach out to retail industry leaders in order to gain their perspective on the market. This month, we asked: Which retailers/restaurant brands do you predict will be “hot” as we head toward 2024, and why?
Richard Rizika, Partner/Co-Founder, Beta Agency
We’re starting to see the concept of the mobility hub redefined, centered on electronic vehicles. There is also an evolution of entertainment. It will no longer be just a wade pool, or just bowling; instead, these types of brands will gather together multiple disciplines of entertainment along with food and alcohol, because just offering one of these disciplines is too challenging for total volume. Also, now that the quality of digital streaming is getting better and better, bringing in a networking of venue facilities is a growing trend, such as gaming concepts that allow competition with people at other locations around the globe.
Sanford “Sandy” Sigal, President/CEO, NewMark Merrill Companies
Retailers such as Five Below, Ross Dress for Less, Burlington and Marshalls, that provide multiple different product types all in one place (candy, apparel, perishables and school supplies), can offer that discovery phenomenon which pleases all members of the family. These concepts have about 50% consistent stock that the consumers can count on, and 50% that is an unknown. It’s a great way for retailers to differentiate themselves from the online shopping experience. Plus, consumers are wired to love discovery; it’s that hunter-gatherer thing in our roots as human beings.
Jason Baker, Principal, Baker Katz
There will be a direct relationship between “hot” retailers expanding and retail availability. Houston occupancy is at an all-time high, so uncovering opportunities in nearly every category of retail is challenging right now. Major discounter Target continues to show up on new site plans here, along with soft good players like the TJX family of brands and Ross Dress for Less. I’d certainly expect a high level of activity in the food and beverage space (full-service and fast-casual) moving forward, as Houstonians eat out, on average, 4.8 times per week. Additionally, I believe digital windows will become more and more of the norm in the food and beverage industry going forward.
