AR and VR and its Actual Relationship to Consumers
Every now and again we see a new technology that we all must have, or at least understand and compete with, that is rumored to be killing retail. AR/VR (augmented reality/virtual reality) is scary-sounding, but more helpful to the in-store retail experience than a hindrance. Sensors Online reports how AR and VR helps retail staffers with practical tasks and training. “IKEA has created a high-definition and interactive showroom that uses the immersive power of VR to offer an innovative 3D product experience. Similarly, L’Oreal store in Paris features a Make Up Genius bar where women can virtually try on makeup through the Make Up Genius app on mobile devices.” Retail publication TWICE noted in a recent editorial (that linked to this interesting Forbes.com piece) noted how “online shopping has been around now for 20 years and still only claims about 10 percent of retail sales. And for every new technology like drone deliveries, personal shopping bots or VR showrooms that’s certain to doom brick-and-mortar, there’s ten others around the corner that could be its salvation.” Do you use AR and/or VR in your world? Tell us via Twitter or on our “Contact” page.
Real Estate and Technology in Retail (VIDEO)
Retail stores are more than just a place for goods and services to be sold. They are community investments. In this video, “The Retail View” posted on AZbigmedia.com, Rick Chichester, president and CEO of Faris Lee Investments, explains the current economic cycle of retail investments. “Don’t believe everything you read. Understand the specifics of what’s happening at retail at the property level,” he said. “You need to be well-advised and well-managed.”.
Builders: How to Fix the Shopping Mall Value Chain
How does one define what a mall is? Historically, you’re at a mall if: a) it’s huge; b) there are massive parking lots; and, c) it’s far from city centers. That’s according to a recent article from Building Design & Construction, which suggests old malls have three weak links in their value chain that can be fixed with three different strategies. One of those ways is to re-imagine the community function of shopping mall real estate. “Operators are converting malls into something new. Stores are being converted to housing, office space, or medical facilities. By embracing the huge buildings and bringing new uses to the old real estate, the weak links of the parking lots and distance from the city center become assets,” says Tom Paladino of Paladino and Company. It doesn’t hurt if you can also do the other two suggestions: provide links to mass transit and offer more than “just” retail therapy.