Gerken: Demographic shifts will remain an issue for the national retail real estate industry as a large number of retiring Baby Boomers merge with the wave of Millennials starting careers and buying houses. Millennials continue to seek amenity-based housing that's within close proximity to stores, transportation and restaurants. As this trend continues among Millennials, it creates a shifting demand for retail.

GlobeSt.com: How rapidly is experiential retail gaining momentum? What do you expect on this front in 2017?

Gerken: Experiential retail is gaining momentum within the shopping mall environment. Many of these retailers are reinventing themselves by securing real estate in open, public shopping space areas that merge with communities.

We expect to see mixed used developments including apartments, restaurants and shops grow in 2017. Today's consumer wants to live, work and play in a close proximity and this is a great trend for retailers that can get the space in these shopping centers.

ATLANTA—Millennials—widely defined as young adults born after 1980—are the new generation to watch. According to Pew Research, this generation has likely surpassed Baby Boomers as the largest US generation and differ significantly from their elders in many ways.

For starters, Pew reports, Millennials are the most racially diverse generation in American history: 43% of Millennial adults are non-white, the highest share of any generation. This generation is also on track to become the most educated generation ever—but many are struggling with student debt which causes more of them to live at home. Still, they are spending on the retail front—and they like experiential retail.

Against that backdrop, GlobeSt.com caught up with Gregg Gerken, head of Commercial Real Estate at TD Bank in the US. Gregg, to get some perspectives in part two of this exclusive interview. He is responsible for a $14 billion investment real estate portfolio serving regional and institutional real estate clients. You can still read part one: Which Retailers Will Win in 2017?

GlobeSt.com: How will demographic shifts impact retail real estate industry in 2017? And what are the implications?

Gerken: Demographic shifts will remain an issue for the national retail real estate industry as a large number of retiring Baby Boomers merge with the wave of Millennials starting careers and buying houses. Millennials continue to seek amenity-based housing that's within close proximity to stores, transportation and restaurants. As this trend continues among Millennials, it creates a shifting demand for retail.

GlobeSt.com: How rapidly is experiential retail gaining momentum? What do you expect on this front in 2017?

Gerken: Experiential retail is gaining momentum within the shopping mall environment. Many of these retailers are reinventing themselves by securing real estate in open, public shopping space areas that merge with communities.

We expect to see mixed used developments including apartments, restaurants and shops grow in 2017. Today's consumer wants to live, work and play in a close proximity and this is a great trend for retailers that can get the space in these shopping centers.