3 ON YOUR SIDE (3TV) – Online shopping is king, leaving traditional brick-and-mortar retailers to restrategize. Tom McGee is president and CEO of the International Council of Shopping Centers.
“This is an industry that is, that is in the midst of a renaissance,” said McGee.
As our shopping shifts online, retailers are perfecting the customers’ in-store experience.
Some even call it home. Mixed-used developments include residential properties alongside shops, entertainment and office space are a popular choice for millennials and empty-nest baby boomers.
“Three-quarters of Americans, if given the option, would love to be able to live, work and play and shop all in one location,” said McGee.
Digitally-native retailers are realizing bricks can drive clicks.
“When a retailer opened up a store in that geographic area, the web traffic on their site went up 37%,” said McGee.
Retailers like Target and Walmart are cashing in on their real estate, offering buyers online, pickup-in-store options that add convenience and present a lucrative opportunity for the store.
“67% of the time when a consumer goes and pick something up in a store that they bought online, they buy something else,” said McGee.