LAS VEGAS—The ICSC Las Vegas event offered valuable insights into the current state of the retail industry in 2023. GlobeSt.com caught up with Donna Clark, a seasoned retail expert and Senior Managing Director at Kennedy Wilson Property Services, where she shared her observations on the industry's trajectory.
With the pandemic mostly in the rearview mirror, consumers are eager to engage in activities such as dining out, traveling, and seeking entertainment. Some key takeaways from Clark shed light on the continued relevance of both online and in-store experiences, the resilience of brick-and-mortar stores, the growth of fast casual food, the rise of immersive entertainment, and the changing landscape in response to evolving travel demographics.
The Permanence of Online and In-Store Experiences
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According Clark, the blend of online and in-store experiences is here to stay. Consumers continue to value the tangible aspects of brick-and-mortar stores while simultaneously engaging in online shopping, she says. Despite some store closures, numerous retailers have ambitious expansion plans for 2023 across various market segments, ranging from discount stores like Five Below and Dollar General to mid-market retailers such as Nordstrom Rack and Target, and even high-end luxury brands like Gucci.
The Thriving Fast Casual Food Sector
Fast casual food remains a robust sector within the retail industry, primarily due to changing consumer behaviors, Clark notes. Escalating grocery store prices for everyday staples have led consumers to find eating out more cost-effective.
Clark notes that Nick the Greek, a fast casual food chain, has significantly expanded its presence in California, opening 50 new stores. Her recent market study with a colleague revealed a limited inventory of 1,200 to 1,500 square foot spaces in grocery-anchored shopping centers in Sacramento, indicating strong demand. Renowned fast casual food chains like Crumble, Chipotle, Five Guys, and Wingstop are seizing these opportunities to secure new and second-generation retail spaces.
The Rise of Immersive Entertainment
Clark explains that consumers crave not only products but also immersive entertainment experiences. She highlights the emergence of virtual reality experiences in neighborhood shopping centers and malls.
Top Golf, for example, plans to construct 13 to 15 venues over the next three to four years, she says, catering to the demand for interactive leisure activities. Additionally, her firm represents a company operating escape rooms, and they have recently signed four leases in malls in the past three months. This trend showcases the growing importance of providing unique and engaging entertainment options alongside traditional retail offerings.
Capitalizing on Changing Travel Demographics
Travel demographics have undergone significant changes, with more people opting to fly than ever before, Clark notes. Luxury brands, alcohol makers, and cosmetic manufacturers are keenly aware of this shift and are capitalizing on the increasing number of travelers.
As consumers explore new destinations and seek memorable experiences, retail outlets within airports and travel hubs are primed to cater to this captive audience, explains Clark. Adapting product offerings to meet the needs of travelers presents a valuable opportunity for retailers to expand their customer base and boost sales.
Stay tuned for more coverage of the ICSC Las Vegas event from GlobeSt.com, including exclusive insights from attendees. Also, check out the related stories already posted below:
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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.
