However, technology's impact isn't always positive, cautioned Faith Hope Consolo, chairman of the retail practice at Douglas Elliman Real Estate. “Social media can hurt a retailer because one mistake and they're out.”

She also addressed the concept of “showrooming,” whereby shoppers already in a store research a consumer good and its price—as provided by other merchants—in order to get the most bang for their buck. “We don't know how much it's affecting stores, but it is having an impact.”

Westfield is working to maximize technology's potential for its clients: retail store owners, noted Ruddick. The company will offer stores the capability of creating “heat maps” and other personalized services to customize their communication with customers.

And at the Fulton Transit Hub, where Westfield is overseeing the retail complex, he added, shoppers will get personalized messages on their mobile devices welcoming them to the complex, letting them know about sales and available items based on their buying history and offer parting gifts—such as a free glass of champagne—when they leave.

Technology hardware too is critical to the shopping experience now, Ruddick said. “If you have a retailer not thinking about communicating by iPad or handheld devices, they have a short shelf-life. I have three projects in California and I'm going to get my guys to go on a walk with a millennial. That's the customer you have to focus on.”