Retail development is gaining strength globally, but there is no need for the US to add to its stock.
The market is on an upward drive as retailers require additional space, thereby increasing rents. This comes despite a growing internet sales market. The online market has grown so fast that many real estate investors, financiers and developers are trying to get into the market to offer distribution facilities that are ready for use.
The competition between stores and online stores is no longer applicable. Each retailer needs an e-commerce section to survive. Retailers are reinventing stores, while mall owners are doing the same in larger centers. E-commerce growth will be seen in books, consumer electronics, certain items of apparel, but some consumers will still visit stores to view and try items. This places pressure on center owners and retailers to offer consumers the correct balance of products and entertainment.
The focus has been placed on the young adults and how they shop. The choice of this influential group has clearly stated that retails needs to innovative to compete these days. The right combination is crucial.
26 MAY 2014, USA
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