Experiential Retail Real Estate

On today’s show we are taking a look at the changing landscape in retail real estate. This is the third in a series of episodes focused on the retail landscape. 

Last week we looked at the impact of e-commerce on bricks and mortar retail. We also looked at the global supply demand dynamics in the US market. On today’s show we are focusing on experiential retail. This is based on the thesis that customers will come into your store if you give them another reason to come into the store other than just to buy something. 

As it turns out, when people come to a store, they tend to buy anyway. Sometimes it’s an impulse buy unrelated to the event. At other times, the event that brought you into the store stimulates the purchase. 

It used to be the case that stores would turn over their inventory only a few times a year. The large department stores would turn over their fashion lines every 90 days with the changing of the seasons. That meant there was only 4 reasons to come into the store in a year. Companies like The Limited revolutionized the industry by changing their inventory monthly. 

The more reasons you can give people to set foot in your store, the higher the chance they will buy something. Once a customer buys something, then there are more opportunities to upsell on something else. 

On today’s show we’re going to look at some examples of what some retailers are doing to create a sticky customer experience. By offering more than just products, retailers create an emotional connection with customers, making the shopping experience memorable and enjoyable. 

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