Insights

Today’s consumer is driven by an “I want it now” mentality, yet retailers are still not prepared to deliver. Reducing the time it takes an order to arrive at a customer’s home is every retailer’s objective, but while quicker fulfillment makes customers happy, it comes at a cost.

“Now Trending” is an exclusive online series to chainstoreage.com, featuring trending topics that impact the retail real estate landscape.

At a time when the growing influence of millennials and the ongoing development, redevelopment and revitalization of urban communities continue to shape the commercial development landscape, the changes taking place in the hotel and multi-family sectors reflect many of those same demographic and development trends.

The company, the PGA Tour’s exclusive off-course/off-airport retail partner, has built a business dedicated to providing golf enthusiasts of all levels access to the same technology and expertise that card-carrying Tour pros enjoy. Stores are staffed with teaching professionals and have multiple state-of-the-art swing simulators, practice hitting bays, and large putting greens. There is also an in-house club-making and repair facility.   

A red-hot real estate market and sky-high property values have some retailers, including Macy’s and more recently, McDonalds, feeling the pressure to cash in on the value of their real estate assets. How? By spinning off store properties and/or land assets into a REIT and entering into a lease-back deal.

Today’s customers are firmly in charge of the buying process. The Internet allows them to research products and prices at the click of a button, and in most cases, they are better informed about what’s available in the marketplace than the associates in brick-and-mortar stores. And, the retail environment is more crowded – and less personalized – than ever before.

The more we learn about real-world customer experiences, the more we see that we've been horribly naive about the role that mobile devices play in shoppers' lives.

Back in September 2013, I wrote a TechBytes column about how millennials aren’t that different from prior young generations in their interests and needs. I have since realized there are a few unique millennial social trends which reflect specific generational consumer attributes. Using leading-edge technology, retailers can effectively meet the generational needs of this increasingly important customer demographic.

Rock is Dead

As many of us grasp at the last moments of summer, those in the retail industry have one eye on the end of the year -- the time between November and December. It makes sense: holiday shoppers spent over $616 billion dollars just last year between Black Friday and Christmas. And while the ample time and resources spent on these two annual marketing priorities is certainly deserved, it is easy to put all of our eggs in this basket, accidentally neglecting the major retailing opportunity just around the corner -- the first quarter.

Photo: The Cordish Companies and the City of Norfolk (Virginia) broke ground recently on Waterside District, a redevelopment of the waterfront.

With the explosion of online retail giants like Amazon.com, the new digital economy has turned traditional consumer buying behavior upside down, making your everyday salesperson seemingly obsolete. In fact, according to Invesp, more than 62% of U.S. consumers with Internet access shop online at least once a month and 78% of those shoppers don’t check out a product in-store before buying online.