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Retail Innovation

CBRE explores the key trends shaping the retail industry
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Consumers


Who Are Today's Consumers?

U.S. behavior is changing rapidly—from our work environments to the way we consume media and how we get around, to where we live and the methods we use to purchase groceries and shop for clothing. The ripple effects for retailers are huge, and the brands that are able to adapt seamlessly will thrive. 

Consumers

Retail Innovation
Retail Innovation

Social Influence

Advertising is experiencing a sea change, with the emphasis being placed on social media more than ever before. Consumers are less influenced by traditional forms of advertising and instead are  discovering new concepts and brands through social media. Brands are now able to generate traffic—and sales—through a variety of social media strategies. Whether authoring their own social media posts, going through a celebrity or brand ambassador or by providing opportunities for direct peer-to-peer interaction, it’s becoming an increasingly important medium for retailers. 


Authenticity Doesn’t Exclude Chains from Competing

With an increasing consumer demand for authenticity, many wonder if large chains can still compete in the retail sphere. But authentic doesn’t have to mean small or local—it just means big brands have to know what they’re good at and market to consumers accordingly. Consumers may be searching more for authenticity, but genuine comes in all shapes in sizes.  

Big Brand Authenticity

Retail Innovation
Retail Innovation


Goods Versus Experiences

CBRE’s Live, Work, Play Survey noted that millennials spend nearly 50 percent of their disposable income on experiences. But that doesn’t mean they’ve stopped buying things. Enter: goods with experiences, or experiences with goods. Retailers are finding new ways to make shopping an experience in itself. And new retailers are coming to the market with a focus on activity and experience, whether it’s social, recreational or a blend of the two. 

Conclusion

Where and how consumers live, work and shop will continue to change tremendously as technologies evolve and habits adapt. Success in the retail industry will depend heavily on retailers’ and landlords’ understanding of these changes and ability to update their offer to meet new needs.  In this ever-evolving context, agility and adaptability will be paramount, and those players able to keep pace with the consumer are best-positioned to thrive. 

Contributors

Gartner_Steve
Steven Gartner
Executive Vice President
Licensed PA, NJ, MD & DE
+1 215 561 8900

CBRE Retail in Your Inbox


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