2023 Retail Trends: In-Store Shopping is Back!
Your humble e-newsletter editor and staff have scoured the internet to give you all the best crystal ball-y, retail-prediction-y, prognostications for 2023. We start with the good folks at Retail Info Systems News and a piece by Justin Honaman, the head of Worldwide Retail & Consumer Goods at Amazon Web Services. He notes that “Mastering customer obsession starts with data — demographics, psychographics, transactions, purchase records, support cases, product usage, shopping habits, content preferences, paint points, and more.” As such, they’ve come to learn that they enjoy “frictionless in-store retail experiences,” making it one of the bigger trends to be a part of this year. Other articles linked below include looks into the future from GroceryDive.com (“The emphatic return of in-store shopping in 2022 has prompted grocers to refocus on updating their fresh departments and center store aisles.”), Forbes, Insider Intelligence part one and part two (“We expect more direct-to-consumer retailers to invest in brick-and-mortar this year, as Warby Parker and Allbirds did in 2022). The physical shopping center and mall locations for these DTC brands are easily accessible via a quick search in the ShoppingCenters.com database Click here to learn more.
How to Know When Your Mall May Be Ripe for Redevelopment
When is the right time to consider making upgrades to your shopping center or demolishing it and starting over from scratch? An article recently posted to REBusinessOnline.com (courtesy of Texas Real Estate Business magazine), notes that, starting with critical data, there are several steps to review before coming to a final decision. After gathering traffic, sales and other important data, an analysis is done to give you a clearer picture of the stage that is being set. “When we look at a retail site, we consider the extent to which it is strategic for retailers from an omnichannel delivery standpoint. For example, does the space lend itself to buying online and doing curbside pickup? Most legacy retailers will likely need fewer stores in the future than they have today, and part of redevelopment is rightsizing or re-envisioning the existing retail,” said Terry Montesi, CEO of Trademark Property Co. This type of valuable data and market area analysis is easily accessible as “Ready Made Results” at ShoppingCenters.com. Reduced costs, minimal technology know-how and instant gratification to visualize Trade Area maps, Demographics and Segmentation profiles about the consumers around retail shopping center markets. More insight on how to apply this to your needs can be found on the industry Solutions pages at ShoppingCenters.com.
Data Discoveries Determine Development
Planning folks out in Ohio are turning to data to help them determine the best path forward as they create new transit-oriented development, or TOD, around Cleveland. According to a recent piece on Cleveland.com, research is showing the need for TOD in the area, but zoning laws in and around the area tend to be more car-centric by design. TOD projects like this all around the country, including New Jersey, Texas, and Florida, often combine mass transit hubs with apartments, retail space, green space, town squares, and more, and getting the right mix for all demographics can be tricky. But they are transforming conventional malls, shopping centers and suburban downtowns into these types of environments. “If we can bring development back, we are talking about more people that can support more goods and services to support more businesses. If we can bring more jobs close to where people live, then we’re creating opportunity,” said Patrick Hewitt, Cuyahoga County’s planning manager for strategy and development. Some areas are taking advantage of a grant program from the federal government. The DMM research team continues to track the progress of these projects as they plan and undergo the transformation. Updates on the properties can be accessed on ShoppingCenters.com. Has your town or a town near you studied the idea of rezoning to accommodate TOD? Tell us via Twitter or our “Contact” page how that process has been rolling out and how you’ve been able to get in on the action!
Spotlight on a Top 10 Growth Market Center:
11255 Garland Road
Dallas, TX 75218
DLC Management Corporation
Gross Leaseable Retail Area
274,822 sq. ft.
Burlington, Marshalls, Planet Fitness, Ross Dress For Less, The Home Depot, Shoe Carnival, KFC, McDonald's, Creacions Barber and Beauty Salon, Nail Club, GameStop, MetroPCS, Liberty Dialysis, Dollar General, Five Below, Mobil
According to the trade area analysis available on ShoppingCenters.com:
- Primary Market Population: 602,085
- Average Household Income: $80,738
- Number of Households: 204,974
- Average Shopper Age: 35.5
- Projected Five-year Income Growth: 13.51%
A New DMM Feature You’re Going to Love:
Chain Store Type Metrics
Comparing chain store type metrics for a single Landlord Portfolio or other search criteria has never been easier. DMM’s new Retail Chain Store Type Metrics is powerful analysis that lets you:
- Access Saturation & Distribution of National, Region, Local Chains & Independents
- Visualize & Understand Chain Store Density by Center or by DMM Category
- Identify Co-tenancy Gaps
DMM’s new Chain Store Metrics are now available via access @ ShoppingCenters.com and Directory of Major Malls data licensing. Contact us today for more details and to request a trial!