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Buying and selling retail space



Retail experts at ICSC Europe have offered four predictions for those involved in the purchase and sale of retail space.

Store showcases

Half a decade ago, it was said that physical stores are a liability and e-commerce is the way to go.  However, today around 90% of purchases happen inside stores and experts are predicting that physical stores will keep focus on brands.
This is being indicated by Amazon’s plans to open a retail store and possibly a chain of gas stations.

Physical with digital

According to the Head of Westfield Labs, Kevin McKenzie, the growth of a retailer is dependent on both their physical and digital presence.  These two worlds have combined to offer consumers an immersive experience whilst shopping.  One of these experiences is Express Parking, where customers are able to check on available parking spaces on their mobiles.  Their registration number will be detected by a system which directs them to the area where there are free spaces and payment is taken by card upon exiting the center.  Westfield Labs’ Optimizing Way finding is a mobile app which directs consumers around their shopping centers.

New leasing model

According to the co-founder of the Future Laboratory, Chris Sanderson, landlords and mall owners no longer sell retail space by square meter, but rather ‘wonder’ by square meter.  This is evident in Apple stores where consumers are offered an overall experience of its products. It is easier to draw customers by offering them an all-inclusive experience, rather than simply rows of stores.

Ejido El Salitre, Mexico

Food and beverage

Statistically, shoppers who eat, spend around 20% more on retail. This makes it vital to plan adequate F&B areas within shopping centers or risk losing out on shoppers remaining within the mall.

More about shopping malls in the USA



YESTERDAY, USA:
It plans to open about 40 such mini-stores in an area of about 50 square feet, which will sell the brand's goods.
YESTERDAY, USA:
The last of the closed Apple Stores in the U.S. was reopened the other day - it is located in Texas.
DAY BEFORE YESTERDAY, USA:
Filling your cart with items and leaving the site without making a purchase has become the post-pandemic equivalent of window gazing for young shoppers.
Feb 26, 2021, USA:
It will be the most significant expansion in Sephora's history, demonstrating its confidence in the retailer's future.
Feb 26, 2021, USA:
Shortly, 17 Apple mini-stores will open in hypermarkets across the country. The company intends to start opening such outlets in the fall.
Feb 25, 2021, India:
The vast mall's construction will cost $760 million, and the project is expected to be completed in seven years.
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