GlobeSt.com: Why do you think street retail is dying in certain areas/what is causing this?

Slater: The ingredients needed for a vibrant and healthy retail street are similar to baking bread. If one ingredient is missing, the whole thing deflates and fails, regardless of the quality of the other ingredients. Retail streets need a mix of tenants, including food and beverage, and a diverse mix of customers, including daytime workers and nighttime revelers. They need an anchor at both ends, which may be a transit center, a collection of large-format retail and/or public open space. The user needs to understand where they should start, what constitutes the center of their journey and where the end of the experience cues them to turn around. Dying retail streets have often tipped the balance too far in the direction of bars/restaurants, discount stores, luxury tenants or discontinuous edges due to parking lots, etc. A good mix of all those uses will lift the success of the individual components. For example, Rodeo Drive proper is 100 percent luxury, but the streets surrounding it have a Cheesecake Factory, a Crate & Barrel, several Starbucks cafés and a seamless transition between categories of retail that cater to a broad swath of the population.

GlobeSt.com: What can retailers do to drive more foot traffic to their retail stores?

Slater: The sense of a cohesive community of shops is critical to the success of the individual stores. In the dark winters of Scandinavia, for example, the shops and restaurants put candles outside their stores to let the hearty souls milling about know that they are open for business. The concept of hygge, which roughly translates to “cozy,” is one example of teaming with neighboring shops to create a sense of community. The so-called “sidewalk sale” is a great example from the U.S. Participating in festivals and events help to drive foot traffic and introduce customers to brands as well.

GlobeSt.com: Is street retail replacing the conventional mall, or do you think they will work hand in hand? Please explain.

Slater: Malls are the anomaly, not the rule. Like I mentioned previously, the idea of exchanging goods and money on open-air streets or markets is many thousands of years old. I think that pretending that enclosed centers can compete with a vibrant street is like pushing water uphill. There is a place for the enclosed mall, but increasingly, consumers are pulling themselves outside for all kinds of entertainment, in all kinds of weather, to escape the sealed work environments and the digital “death grip” of computers and handheld devices. Our thousands of years of evolution haven't changed the allure of the open-air street concept.

GlobeSt.com: What direction/role do you think the trend of street retail will take over the next few years?

Slater: I think that micro-retail and crossover “clicks-to-bricks” is going to backfill the gaps left by former national brands whose luster has faded along with the enclosed mall. The American consumer will pay top dollar for shoes, watches, food and bags while value-shopping everything in between. The key to success looking forward is authenticity and uniqueness. Streets like Pearl Street in Boulder, Colorado, Third Street Promenade in Santa Monica, California and Lincoln Road in Miami Beach, Florida will need to adapt to the trend of moving away from national brands and embracing microbrands, pop-ups and incubators to stay relevant. When locals stop shopping a great retail street, then it is time to change.

Keep checking back with GlobeSt.com for more from experts in the next few days as we fully cover the RECon 2018 event, with thoughts not only from attendees and panelists, but coverage of sessions, parties and more. And check out some related stories below.

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