This retail property sits directly in front of the 5,000-person Daytona Beach Bandshell amphitheater between both the 744-room Hilton Daytona Beach and the 710-room Wyndham Ocean Walk.

ORLANDO—How big is the impact of the Millennial generation really going to be on commercial real estate? Will it be as great—or greater—than the Baby Boomer generation that birthed them? In a word, yes.

“As of April 2016, Millennials have surpassed Baby Boomers as the largest living generation, according to the US Census,” Fred Schmidt, president and COO of Coldwell Banker Commercial, tells GlobeSt.com. “Their shopping habits are something retailers are definitely taking notice of.”

Schmidt points to a Coldwell Banker Commercial survey the firm last year as evidence to back his assertions. The survey revealed Millennials were more likely than their Boomer counterparts to make a purchase online if there was a same-day delivery option. What's more, the poll also showed this demographic is more likely to shop in-store if there was an event or promotion happening.

In other words, it seems they want the best of both worlds—and they will be flexible to get it. For all the talk of e-commerce rising, and it is, bricks-and-mortar stores still have a firm place in the hearts of Millennials searching for value—and an experience.

“Experience is becoming table-stakes in brick-and-mortar retail because of Millennial shopping preferences towards events in-store,” Schmidt says. “For example, stores such as Lululemon hold in-store yoga for customers.”

Schmidt notes retailers are also expanding e-commerce offerings and adopting an omni-channel approach to leverage all ends of the spectrum. Specifically, stores such as J. Crew and Bloomingdale's offer same day delivery and BOPIS—buy online, pick-up in store—options to draw the attention of Millennial consumers.

“The habits of Millennial shoppers have already revolutionized retail,” Schmidt says. “I'm sure Millennials will continue to guide new shopping trends.”

Two demographics are also driving cap rate stability, according to one commercial real estate industry expert. Check out my recent column.

“The habits of Millennial shoppers have already revolutionized retail,” Schmidt says. “I'm sure Millennials will continue to guide new shopping trends.”

Two demographics are also driving cap rate stability, according to one commercial real estate industry expert. Check out my recent column.

Instant Insights /

Do Millennials Want to Shop Online or Have an Experience?

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