Driven by technological advancements, disruption has been transforming nearly every industry out there, from retail to logistics and distribution to manufacturing. The retail market is undeniably experiencing an incredible rise in e-commerce. It is also an industry that is consumer driven. Today’s shoppers are looking for modern conveniences that include a one-stop-shop as well as a place to experience something fun and exciting.
For retailers they can either make the changes that will meet consumer needs to stay relevant and profitable or succumb to their demise. Whereas for shopping center developers, it’s about building new experiential retail centers or redeveloping portions of their centers to include experiential elements that offer dining, entertainment and event experiences. In some instances, an upgrade to a retail center may make the most economic sense, where the goal is to modernize the retail center into a more attractive place for members of the community to gather.