Axe Throwing Bars. Dating App Cafes. Furniture Store Hotels. Shopping Center Coworking. Food Halls. Banking Cafes. Float Rooms. Escape Rooms…
Is the experiential retail trend more than just a knee-jerk reaction to a challenged retail landscape? Our response to that question is a qualified “yes.” We suggest that the increased drive for experience-based retail reflects a deeper economic trend with implications that go far beyond shopping centers and the shifting tastes of millennial consumers. It is a trend that plays out most visibly in the retail arena because of the current disruption in the retail industry.
In addition, the rise in popularity of experiential retail concepts may be the first manifestation of a larger trend—one that is impacting, interacting with, and increasingly driving, most of the major commercial real estate trends at play in the U.S. Those commercial trends range from urbanization to the drive for live-work-play projects and encompass wellness and lifestyle brands to coworking—the sharing economy and the workplace itself.
Welcome to the Experience Economy.
CLICK HERE to learn why the experience is imperative in the age of retail reinvention, in our introductory report of the series.
Garrick Brown serves as Vice President, Retail Intelligence for Cushman & Wakefield throughout the Americas. He is one of the leading retail real estate analysts in the United States; speaking frequently at industry events and regularly quoted on retail matters by the Wall Street Journal, the CBS Evening News, NBC News, CNBC, National Public Radio, Women’s Wear Daily and dozens of Business Journals and other industry publications.