JLL breakfast presentation
GlobeSt.com is providing wall-to-wall coverage of ICSC's RECon show in Las Vegas May 19-22. Subscribe to the Retail Ticket for pre-event articles, live video interviews on site and post-conference analysis.
LAS VEGAS—Technology, demographics and culture are all in a constant state of flux and the changing retail landscape will create new winners and new losers. Those retailers and landlords who anticipate that change have the best chance for success. So said panelists at JLL's breakfast presentation at ICSC RECon Monday morning.
According JLL's Greg Maloney, CEO of retail, the consumer is driving retail development. “It is great to know what we are going to do today or two weeks from today, but you have to look at what the department store space will look like in five or 10 years from now.”
Maloney says that the future will not be all about retail and the regional mall will not look the way it does today. There will be innovative retailers, more entertaining and dining and more mixed use space, he explained.
JLL party at ICSC's RECon 2019 event here in Las Vegas at the Cromwell hotel.
JLL recently surveyed more than 1,500 consumers to find out what really matters to the American shopper. What they discovered was that all the magic mirrors or robot sales clerks weren't what mattered most.
“They want skilled customer service, personalization and convenience,” explained James Cook, director of retail research at JLL.
Successful shopping centers will need to incorporate tenants that offer additional experiences outside of selling typical merchandise, Cook explained.
One retailer thinking beyond what used to be a typical lease was JLL guest panelist John Goodman, CEO of Candytopia LLC. His company is essentially a pop up shop that includes a sprawling sanctuary of confectionary bliss, as the company puts it, ending with a marshmellow tsunami.
According to Goodman, the concept works, and nearby restaurants and retailers are taking notice—seeing a huge increase in business when the retailer comes through. Candytopia attracts up to 2200 people per day, Goodman said.
On the personalization front, panelist Matt Alexander, CEO of Neighborhood Goods, explained that Neighborhood, currently in Plano, TX, is a new type of department store, featuring an ever-changing landscape—both by brands, products and concepts. More than that, he says, it is a community.
According to Alexander, a big part of Neighborhood Goods is the ability to personalize the shopper's experience. At any given time, Neighborhood Goods has over 25 different brands—and their respective products—on display, but can tailor to the specific shopper and demographic thanks to technology. The store has 30 cameras in the room to watch behavior and track shopping habits.
“We are experimenting a lot more with blending spaces. In terms of growth, our next market will be NY,” he says. “We are working on up to another six or so in the next year.”
He adds that Neighborhood is about feeling comfortable and about building a human experience. “When the customer comes in, as much as we design, there is a storytelling of the space to make you feel comfortable. We think about how we can leave you with a positive experience and use technology to help people enjoy their experience.”
Keep checking back for more in the coming week for wall-to-wall coverage surrounding the Las Vegas ICSC RECon show and overall trends in the retail market. Take a look below at stories you might have missed.
Time to Take Action, Pull the Trigger
Marcus & Millichap Celebrates Clients, Talks Retail Transformation
Welcome to ICSC's RECon 2019
Are You an Internet Resistant Retailer?
Heading to ICSC's RECon This Weekend?
Why Retail Industry Must Be Proactive in 2020 Election
How to Fill Vacant Anchor Retail Space
Emerging Retail Trends and How Your Real Estate Investments Can Benefit
A Closer Look at What Retail's Future Might Have in Store
Experts Talk RECon; New Emerging Concepts and Power Centers
High Level of Retail Activity Expected
The Retail Issue: Real Estate Forum Presents Influencers In Retail
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
