Westfield Drops Retail Report: “How We Shop Now: What’s Next?”
In an attempt to figure out the future of retailing, shopping center developer Westfield Corporation interviewed 13,000 shoppers in the US and the UK. They came up with the top five trends that they believe will be shaping retail in the years to come. The five trends are:
- Rental Retail
- Enhanced Reality Retail
- Classroom Retail
- Sensory Retail
- Loyalty Programs that
Recognize Good Choices.
For example, in the “Classroom Retail” trend, the report found that shoppers prefer to have a retail outlet not only be a place to shop but a place to learn. According to Chain Store Age, “Shoppers in the U.S. want health or fitness sessions most (29%), followed by inspiring learning sessions such as creative cookery (27%).” The full report can be downloaded here.
Brick & Mortar Store (with a clever name) Focuses on Internet Things
First there were stores. Things were sold in stores. Then stores found the internet, so stores sold things in stores and on the internet. Then some stores tried to sell things on the internet without having a real store. Then internet stores found it necessary to add real stores to their strategy. Now there's a place – a real place – that only sells things that work with, wait for it, the internet! Meet B8ta, the company that opened a retail shop in California recently to sell internet-enabled gadgets (think of the futuristic things that the Jetsons might have had) designed to appeal to those who fancy living in a SmartHome. According to the Washington Post, “B8ta is gambling that newfangled Internet of Things gadgets don't lend themselves well to online shopping: People, they reason, want to try these things out before spending big money on them, and they are the kinds of purchases that benefit from the assistance of a highly-trained staffer.”
Four-Decades-Old Shopping Center Getting Overhaul
A Virginia shopping center is getting a makeover and a new retailer is set to reportedly anchor the efforts. The Daily Press of Newport News, Virginia, reported that Riverdale Plaza Shopping Center's new ownership, Southeastern Development Associates, is looking to modernize and upgrade the center. According to the article, “At Home, a home dÃ©cor and furniture store, confirmed plans to anchor the Riverdale Plaza Shopping Center.” At Home will reportedly fill 91,000 square feet of retail space, and officials hope the new store will be open by June, the article stated.
DMM Data Powers Article, AND Check Out the DMM Storymap
Did you see this article in the Austin Business Journal? Did the expertise look familiar? We supplied much of the data and assisted ABJ's and ESRI's research teams as the article was prepped. Additionally, here is a link to the newest ESRI Storymap, courtesy of a partnership between DMM and ESRI. This map provides details about Austin, TX, where the 25 top-ranking shopping centers in Austin range from 443,000 square feet to more than 1.5 million square feet. The interactive map also shows the centers that have been added to the area since 2010 and new ones currently under construction. DMM has been an ESRI data partner since 2005, providing shopping center and mall data for use in ESRI Location Analytics. Click here for more information about the ESRI storymaps.