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Tomorrow’s Store


What’s the future of your retail center? Well, to meet the demands of tomorrow’s tenants, think about subdividing those big box spaces, losing the parking lot, and adding a few bike racks.

Last year total retail sales grew about 7 percent, according to the U.S. Commerce Department. But online shopping grew almost 15 percent, toting up $165.4 billion in sales. E-commerce is expected to reach nearly $270 billion by 2015, according to e-Marketer.

To compete with e-retail’s convenience and selection, brick-and-mortar retail “must deliver where the online store cannot,” says Jennifer Bassett of Interbrand, a consulting company that ranks the best retail brands. “This not only means more exciting window displays, but an atmosphere fully infused with a brand’s values, from graphic design, interactive elements, unique architecture, and exciting, relevant merchandising.”

Interbrand foresees “microformat” stores with 40 percent less square footage and large windows for tempting displays, clustered in pedestrian friendly “commerce centers,” connected by sidewalks and bike paths.

Grocery stores will mimic farmers markets, drugstores will have medical and dental services, and most retailers will offer in-store experiences that consumers can’t get online. For example, at Lutxottica, an eyewear store in Melbourne, Australia, machines simulate snow and water glare for consumers.

“In the next few years, expect to see more brands innovate their brick-and-mortar stores, through multisensory experiences more akin to theme parks,” Bassett adds.

Reprint from CCIM.com

Categories: Uncategorized
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