How Retailers Should Infuse Their Centers
Surrounding the ICSC RECon event here in Las Vegas, GlobeSt.com caught up J. Wickham Zimmerman, CEO of Outside the Lines Inc., to talk about thoughtfully designed open spaces and the experiences of retail over material goods.
GlobeSt.com is providing wall-to-wall coverage of ICSC’s RECon show in Las Vegas May 19-22. Subscribe to the Retail Ticket for pre-event articles, live video interviews on site and post-conference analysis.
One of the retail industry’s most prominent trends is an increased capital investment into thoughtfully designed open spaces that deliver the retailtainment experiences today’s consumers crave, many of which include water features. Those thoughts are according to J. Wickham Zimmerman, CEO of Outside the Lines Inc.
Zimmerman recently chatted with GlobeSt.com surrounding out ICSC RECon coverage about all things retail. When asked if those investments are paying off, he says yes. “They are paying off in the form of higher sales for tenants, which translates into developers being able to command premium rents.”
According to Zimmerman, research shows that 72% of Millennials value experiences over material goods. “As this powerful generation seeks out experience-focused offerings, retail owners are seeing dwell times tick up—a trend that has a direct positive impact on sales.”
For retailers, infusing a center with entertainment offerings gives owners “attraction-front” spaces to offer to tenants at premium rents, he adds. “In our experience, food and beverage tenants, in particular, are willing to pay more for fountain-front patio space where guests will sit, eat, and enjoy the show.”
Keep checking back for more in the coming week for wall-to-wall coverage surrounding the Las Vegas ICSC RECon show and overall trends in the retail market. Take a look below at stories you might have missed.