'Generational' Means More Than Just 'Millennial'

Courtney: “It will be interesting to see how things evolve over the next 24 to 36 months.”

INDIANAPOLIS—Put the concepts of generational change and retail together, and one is likely to come up with “millennials.” And yes, there is that, for indeed the cohort is having a say in the shape and direction of the retail market. But if you leave it there, you’re missing half the picture, says Scot Courtney, president of the Indianapolis office of Lee & Associates and head of the retail group there.

“There’s a generational shift, but it’s not demographic,” he tells GlobeSt.com. “In fact, the primary modes of retail shift every 20 years or so. For instance, the power center came of age in the ’90s.  Now it’s facing significant challenges, based primarily on Internet sales and the way people will shop for items such as office supplies and electronics.”