Embracing Experiences and E-Commerce Integration

2024 holds promise for the realization of more ambitious experiential projects

LAS VEGAS—As retail continues to evolve, industry experts Chris Hake, Senior Vice President, Director of the Southwest Region, and Ryan Menard, Vice President of Development, at Thompson Thrift, share insights into the trends shaping the remainder of 2024 surrounding this week’s ICSC Las Vegas Conference.

Experiential retail remains a dominant trend, they tell GlobeSt.com. Hake notes a continued desire for projects that offer immersive experiences and mixed-use elements. “We’re seeing a demand for spaces that go beyond mere transactions; consumers crave memorable experiences,” Hake says. With the hope for construction cost reductions and a pullback on interest rates, 2024 holds promise for the realization of more ambitious experiential projects.

Local Flavor and Dynamic Spaces

Menard emphasizes the significance of local and regional restaurant concepts in mixed-use developments. “These concepts not only enhance the overall atmosphere but also serve as quasi-anchors,” Menard explains. Thompson Thrift’s focus on dynamic mixed-use projects aligns with the growing demand for unique dining experiences and community-centric spaces. As consumers seek authenticity and diversity, the expansion of local eateries adds vibrancy to retail destinations.

E-commerce Integration Enhances Brick-and-Mortar

Despite the rise of e-commerce, brick-and-mortar retail remains resilient, fueled by strategic integration with online platforms, they noted. “Retailers must strike a balance between physical storefronts and effective online presence,” Hake says. Emphasizing the symbiotic relationship between e-commerce and brick-and-mortar, Menard highlights how a robust online platform strengthens traditional retail concepts. Rather than being adversaries, e-commerce and physical stores complement each other, driving expansion and customer engagement.

Check out related retail stories below that you might have missed.

Deal Considerations for Retail

First-to-Market Retailers Make Their Way to Houston

The Demand for New Retail Development

Retail’s Fundamental Disconnect

The Potential of Overlooked Retail Assets

The Evolution of Healthcare in Shopping Centers

Celebrity Restaurants Turn on the Heat

How Retailers Are Leveraging Technology

Retail Businesses Renewed Focus on Customer Proximity

Retail Becomes Top Performing Asset Class

Luxury Retail Thrives: Odyssey Retail Advisors Previews Market Insights