Retail Isn’t Just for Shopping
The retail industry has evolved several times over the decades; changing with the needs of the consumer and adapting to consumer behaviors. Retail has again gone through a shift. The popularity of e-commerce, a global pandemic, and the shopping needs of the customer have molded what retail is and it’s not just about shopping anymore.
The Shopper Experience
Traditional Brick-and-Mortar stores will always have a place in the shopping plaza and mall world. But in recent years, it has become more and more evident that when a consumer goes shopping, they aren’t just looking to pick up a few items on their list; they’re looking for services; they’re looking for an experience.
The Shopping Plaza
According to a report by ICSC (International Council for Shopping Centers) released in early 2020, the consumer behavior has indicated a major shift in the tenant makeup of the U.S Shopping Center. Their report shows since 2017 shopping centers consist of 53% service driven businesses and 47% traditional retail stores. One driving force of the transition from traditional retail to services and trades seems to be the consumer’s focus on health and wellness, social experiences; dining out or meeting up for a cocktail. Another reason for the shift is the necessity and now familiarity with e-commerce shopping, especially since the pandemic hit. More than ever, people are used to shopping via the web and many retailers have adapted their strategies to make online shopping more accessible and user friendly.