Pokemon Brought the Millennials; How about the Grown Ups?
If nothing else, this past summer demonstrated that mobile technologies could bring out the millennials and get them out-and-about, even approach retail stores in search of elusive digital treasures, thereby finding out treasure exist in the real world, as well. But what about the affluent consumer, the ones who have more than $100,000 in annual household income and $250,000 or more in assets? What are the best ways to target them and get them to experience retail offline? Sue Yasav of Synchrony Financial listed her top five tips in a recent column for Mobile Marketer. In particular, they enjoy unique experiences and are willing to pay for it. “Eighty-six percent of high-net-worth (HNW) individuals – those with incomes of more than $250,000 – and 76 percent of mass affluents say they would pay more for experiences they feel are valuable,” Yasav said.
Closter, NJ, Gets the State”s First “Flexible Format” Target Store
Target stores have become pretty well-known for their “sell-almost-everything-in-a-giant-facility” retail centers. The folks in and around Closter, NJ, were recently treated to the state’s first “flexible format” Target, in which everything about their Target store is a little smaller, including the store itself and the product selection. Though the location in Closter Plaza, an EDENS project, is considered a suburban area, the format is designed to appeal to more urban areas, or locations that don’t have the space for a traditional target store. NJ.com noted recently that, “While the Closter store has a pharmacy, it lacks an automotive department, a gardening or outdoor section, or large furniture offerings.” Your humble newsletter editor, who remembers the days when the space was occupied by a large K-Mart, observed the shopping center’s entirely new look, which also now includes a Whole Foods supermarket and gives it an A+.
Retail: “A Period of Retrenchment and Reinvention”
The number crunchers at Cushman & Wakefield say the proliferation of e-commerce (particularly Amazon.com) and mobile technologies are causing the retail marketplace to continue to “undergo a period of retrenchment and reinvention, the likes of which we have not seen since the rise of the suburbs starting in the late 1950s.” In a recent article in REBusiness Online, C&W’s Garrick Brown said he sees shopping center vacancies trending downward, noting that the current retail marketplace is “challenging”. Though many traditional retail sectors are trending downward, some areas are seeing explosive growth. “This has been more than offset in the post-recession era by a number of sectors posting explosive growth, ranging from dollar stores to discounters, off-price apparel, grocery stores, automotive retail, service-oriented retail and restaurants.” Cushman & Wakefield’s Q3 2016 U.S. Shopping Center MarketBeat report is available here.
DMM: DMM AT THE ICSC NY DEAL MAKING 2016
Make sure to stop by the DMM booth (#1318) during ICSC?s 2016 NY National Conference & Deal Making Show, December 5-6, 2016 at the Jacob K. Javits Convention Center, NYC. At the show, you can learn about our new, mobile device data-driven, DMM Retail Boundaries. Hear how DMM and ShoppingCenters.com have grown to become the industry’s most comprehensive and accurate source for major shopping center and retail data. Our reliable reference tools can assist you in identifying opportunities and making decisions for your business. We’re also offering a show discount for online access to ShoppingCenters.com, so make sure you stop by! This event is a great opportunity for owners, developers, retailers, brokers, lenders, municipalities, property asset managers and product and service providers to gather under one roof to exhibit, make deals and form successful business partnerships. See you there!