LAS VEGAS—In an opening general session titled: The Marketplaces Industry – Innovative Perspectives to Transformative Insights, moderator Naveen Jaggi, president of Retail Advisory Services at JLL, began the discussion by asking about the "importance of the store today."
Tabassum Zalotrawala, SVP & Chief Development Officer, McDonald's Corp., talked about how McDonalds is a 70-year-old brand that isn't complacent and continues to reinvent itself. "We do a significant amount of reinvestment in our portfolio. There are few older McDonalds. They have all been modernized and that has been the focus."
She noted that the investments that the company made in its marketing and in its menu helped increase demand, but said that they are still growing in areas and developing. "Digital, drive-thru and delivery are the companies' priorities. We are going to be adding 1,000 restaurants in the next five years."
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For Starbucks, Angele Robinson-Gaylord, SVP, Store Development Americas, Starbucks Coffee Co., says that the importance of the store is paramount but she notes that they are focused on adapting to consumers' needs. "With the ability for us to leverage our digital platform through our app, we also want to be sure we have the type of formats to ensure that you can access that beverage however you want wherever you want. You can drive-thru or sit down and enjoy. We want to be as customer focused as possible so we are there however you need us."
She says that coming off the heels of Covid, Starbucks has had to make different decisions on which stores should be in its portfolio, but that is normal. "It is an art and science and understanding how we have to evolve for our customers."
Barrie Scardina, President of Americas Retail Services, Agency Leasing & Alliances, Cushman & Wakefield, talks about retailers evolving as it pertains to both the store and the online presence. "The store is key to any branded experience," she said. "Seeing the brand marketing is such an important part. Retailers are really thinking about where is the consumer and where am I going to interact. As real estate people, we need to understand what our clients are doing to meet their consumers. In cities like New York, the store has really come back and great brands are investing in their stores."
She adds that retailers are buying their stores, are investing money into the experience and really make sure that when someone comes into a store, there is a reason. "To come in and really understand the best of the brand and the ethos of the brand and what is that customer interaction is is key. It is the pure personalization we are going to find in stores will continue to make the store more valuable."
Check out related retail stories below that you might have missed and stay tuned for more trend coverage from other retail experts we spoke with as the ICSC approaches.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
