Part 1 of 2

IRVINE, CA—If the recession devastated the retail market, the Millennials revived it and gave it a new purpose and direction. Today's retail is more about the experience than the material acquisition, Faris Lee's president and CEO Rick Chichester tells GlobeSt.com. In Part 1 of this exclusive discussion with several retail real estate experts, we explore the shifting face of retail caused by Millennials. In Part 2, we look at the many ways that technology is and will continue to enhance retailing and retail real estate.

Chichester says that the most significant adjustments the retail sector has had to make due to shifting demographic trends are those specifically dictated by Millennials, “to make retailing exciting, relevant and experiential. It is more about the experience than the material acquisition. The buying environment needs to be relevant, as much as the product needs to be relevant.”