As one of the premier events for the world of
retail development, design, and construction, #TeamHenderson was present and accounted for in Phoenix earlier this month for
ICSC’s annual CenterBuild Conference. While in years past discussion at events like this centered around the retail apocalypse, the tone at this year’s conference was much more positive with a focus instead on the retail revolution and how the landscape is evolving at a faster pace than ever before. Many of the concepts and trends from
last year’s CenterBuild were expanded upon again this year, as well as some new insights outlined below.
Asking the right questions matters. Retail is becoming more about brands interacting with the human experience and less about a product or service alone. As part of this evolution, the industry is moving away from defensive questions like, “How can brick and mortar compete with digital?” and toward more interesting, proactive, and positive questions like:
- How can digital companies use brick and mortar locations to enhance their brands or even expand them from a start up to a national name?
- How can brands use a physical store as an experience for customers with integrated audio-video, AI (artificial intelligence), etc., even though customers will probably still end up buying the product online, perhaps even through a third party?
- How can indoor shopping malls be de-fortressed so they’re more open?
- How can in incorporation of food and beverage help drive traffic and revenue in a retail venue?
Omnichannel is the new normal. The industry is embracing the need to adapt, change, and evolve at a quicker pace than it ever has. This is in part because consumers can buy anything they want – whenever, wherever, and however they want to buy it. It’s no longer just about selling a product in the store, the key for brands today is to connect with their customers, so when they do buy a product – it is their brand’s product. In uniquely crafting that relationship, the brand can also entice recurring transactions.
Data is king. Businesses can no longer operate on feel alone. As such, brands are looking at how they can use modern changes in technology and consumer behavior to their advantage rather than how they overcome it. By utilizing available technologies, they’re able to implement concepts such as automated retail, predictive retail, targeted marketing, and, of course, experiential retail. There’s even a movement toward on-demand production of goods to help minimize waste in the industry.
Consumers demand authentic experiences. Consequently, retail tenants and landlords alike are seeking demographic-driven revitalization. Yes, consumers are consistently taking advantage of the
convenience of shopping from home, but there’s still a desire to shop and truly experience an authentic retail environment. Thus, more than ever before, all involved in the process need to closely collaborate to efficiently evaluate and apply ideas, methods, brand identities, and exhibits to differentiate themselves for consumers. Delivery of products or services is evolving in major ways. This is evident in the countless ways consumers can have things delivered or pick them up compared to just a few years ago.
At Henderson Engineers and
Henderson Building Solutions, retail is in our DNA. To learn more about our retail experience, click
here.
