Is it the time for landlords to start panicking about
retail? Contrary to popular belief, leasing experts at SRS Real Estate are
claiming retail real estate is just as relevant today as it ever has been.
Declining retailers are making up majority of the headlines, painting a picture
that depicts the death of retail is approaching. But this doesn’t accurately
depict what’s happening to the bulk of retailers. Forbes states that there will
be 4,000 new store openings in 2017, including brands such as Warby Parker,
Bonobos, and Amazon (with Whole Foods). Although these brands have created
success through their online retail concept, opening physical stores will help
customers by offering services, building community relationships, and solving
problems with previous transactions.
According to SRS, the problem isn’t retail as a whole, but
instead, the problem is retailers not adapting to current trends. Department
stores and big box retailers are facing challenges because many of them are
operating with a model that is 10 years old. For retailers to stay relevant,
they “have to move fast and stay ahead of the curve,” says Lily Heimburger,
vice president in SRS’ Atlanta office. Keeping up trends and adopting different
concepts, such as new dining experiences or fitness and therapy centers, is the
key to being successful in retail.
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