DMM Retail Industry e-News Issue #225

Younger Consumers, Rihanna, Driving ‘Shoptainment’ Trend

The young ‘uns are often perceived as being hooked on their cell phones, head pointed downward, rarely leaving the couch or home office workspace. But it is they who are driving the “shoptainment” trend – that’s the combination of shopping and entertainment that malls are seemingly all ascribing to these days in the post-pandemic world. At least that’s according to a recent article on Refinery29.com, a “next-gen media and entertainment platform focused on women and underrepresented voices” (not exactly the NY Times or the Wall Street Journal, but perhaps that’s precisely the point). Anyway, a recent article there suggests that, according to Tamara Szames, an industry advisor with NPD Group, our social lives have for so long been restricted and we yearn for nostalgic experiences. “The ‘shoptainment’ — the entertainment of shopping — is coming back, especially for that younger consumer. We also can’t lose touch that we’re human,” Szames added. As article writer, Director of Editorial Operations Carli Whitwell, noted, “bored consumers [are] ready to spend.” Remember, you can pinpoint the centers that reflect your target consumers by using your ShoppingCenters.com subscription to fire up our enhanced demographics machine to determine household income, consumer segments, and more!

Case Study: $20M Brings Post-Pandemic Modernization Plan to Orlando Community Center

Generally speaking, winters in Orlando, FL, are not the same as winters in the NY Metro area, where your humble e-newsletter editor resides. So, when a news story of a mall called “Winter Park” pops up, naturally the curiosity is aroused. Upon realizing said mall is practically in the southern-most portion of the United States, a slight pause is given. Upon further research, it turns out Winter Park Village, an open-air community center, was one of the first in its area to offer indoor air conditioning. According to The Orlando Weekly, the mall that was revolutionary when it was first developed in the 1960s is about to again become part of the new wave of mall trends. Partially thanks to the pandemic, Casto Southeast Realty Services President Brett Hutchens told The Orlando Weekly that Winter Park Village is about to undergo some major changes designed to encourage visitors to spend more time there. “There will be a multimillion-dollar redevelopment of the interior lobby and exterior facade of the theater. It will be a high energy and exciting pavilion,” Hutchens said. The estimated $20 million remodeling plan will also result in office space being converted to residential space. Don’t forget, using your ShoppingCenters.com subscription, you can drill down into the data and learn more about Orlando’s (or any other city’s) retail shopping center destinations and trade demographics.

More Food…Another Indication Shoppers are Returning to Pre-Pandemic Levels

One of the biggest names in the retail world is showing numbers that are exceeding levels not seen since before the pandemic. PYMNTS.com recently reported that Tanger Factory Outlet Centers say that occupancy of their stores was at 95.3% on December 31st, 2021, up from 92.2% at the end of 2020. Average tenant sales were up 15% in 2021 compared to 2019 based on same store sales. In a press release, Tanger President and CEO Stephen Yalof noted, “We are pleased to report another quarter of strong results, driven by positive traffic and tenant sales and accelerating leasing trends at our open-air centers.” According to PYMNTS.com, the company has increased its food offerings with new sit-down, quick-serve and grab-and-go concepts, and added more entertainment stores, kiosks and other amenities designed to encourage more frequent and longer shopping trips.