Retail and its effect on real estate…
Rebecca Fitts, Principal Consultant for The Wild West of Retail (a consultancy focusing on non-traditional retail real estate strategies, brick and mortar customer experience and omni-channel solutions in the physical space) joins Thomas Kutzman and Scott Pollack in the MouthMedia Network studios powered by Sennheiser. Presented by Prevu.
In this episode:
- Is ecommerce causing retauil apolcolypse, or revolution?
- The many changes going on in retail, surplus of retail real estate, need to find way out of that
- Figure out way that retailers can handle taking on overhead
- Digitally native brands opening up physical stores, customers want to have a touch/feel experience with brands
- How a physical store can help reduce amount of returns
- How there are no “pure plays” anymore
- Why physical retailers have harder time moving to ecommerce than ecommerce moving physical
- Westfield’s World Trade Center Oculus mall, public/private partnership, commuter hub
- Downtown redeveloping itself post-9/11 in NYC, a great comeback
- Mixed use of property, the way cities are growing
- The changing relationship between tenants and landlord, the difficulty of physical spaces taking long term leases
- An interest in commuter hubs for brands
- The need for experiences to be dynamic and changing, and are some physical stores too static to adapt?
- Retail trying to think in a new and different way
- Advancements in technology allowing you to reconfigure the store more frequently and easily
- Virtual reality, augmented reality, and smart mirrors allowing great things to be done in the store to expand experiences
- How Fitts is outgoing and enjoying being in a field that bounces around and changes
- The kinds of neighborhoods that are attractive to retailers, being loyal to local merchants
- Some of Fitts’ favorite jewelry designers