Adam Ifshin, founder and CEO of DLC, discusses how remote work has changed shopping habits and expectations of local retail. He emphasizes the importance of luck in success and being a 'people-first' leader. They explore the impact of remote work on shopping habits, the rise of open-air retail, and the importance of adaptability. A valuable episode for entrepreneurs in the retail real estate industry.
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Quick takeaways
Remote work has changed shopping habits, leading to a shift towards open-air retail locations.
Successful entrepreneurs must recognize and adapt to changing market dynamics in order to thrive.
Deep dives
The Impact of Remote Work on Shopping Habits and Local Retail
The podcast episode discusses how remote work has changed shopping habits and expectations of local retail. With the rise of remote work, people have shifted their shopping habits, leading to changes in consumer behavior. Instead of engaging in retail therapy during their lunch breaks in downtown areas, remote workers are now more likely to shop closer to home. This has resulted in a shift towards open air retail locations, which have become thriving investments in commercial real estate. These locations serve as versatile retail spaces, offering convenience and speed to consumers. The impact of remote work on shopping habits has created both winners and losers in the retail industry.
The Importance of Recognizing Creative Destruction in Industries
The podcast episode highlights the concept of creative destruction in industries. Drawing from the founder's personal experience, it emphasizes the need for entrepreneurs to recognize and adapt to changing market dynamics. Just as established retail giants like Sears have faced decline, every industry goes through disruptive changes. Successful entrepreneurs demonstrate resilience, agility, and the ability to play both offense and defense in the face of disruption. By understanding the importance of adapting to change and anticipating market shifts, entrepreneurs can navigate the challenges and take advantage of opportunities.
The Resilience of Open Air Retail in a Changing Landscape
The podcast episode delves into the topic of open air retail and its resilience in a changing retail landscape. Open air retail refers to shopping centers, from large malls to smaller convenience-oriented strips, that provide consumers with easy access to everyday essentials. These locations have become the Swiss army knife of retailing, serving multiple purposes for retailers. They are cost-effective for acquiring customers, serve as last-mile distribution hubs for omni-channel e-commerce, and provide convenience and speed to consumers. As remote work increases, the demand for open air retail has grown, making it one of the hottest investments in commercial real estate.
Adam Ifshin is the founder and CEO of DLC, one of the nation’s premier owners and operators of retail real estate. Known as a thought leader in the industry, Adam mentors emerging entrepreneurs through a business plan program at Williams College.
Top 3 Value Bombs
1. Luck is crucial to success.
2. Retail real estate encompasses various physical locations where retailers interact with customers and make sales.
3. As a successful real estate entrepreneur, being a "people-first" leader is the key to your achievements. Building and nurturing a solid team is essential for increasing the chances of success, regardless of the business, industry, or vision.
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