LAS VEGAS— In today's retail environment, the demand for personalized customer experiences is on the rise. This sentiment is underscored by Lauren Ball, COO of Westwood Financial, previously serving as SVP of leasing and currently spearheading the leasing team.
In a recent Q&A session in advance of ICSC Las Vegas, Ball discusses pivotal retail trends such as sustainability initiatives, the drive for seamless e-commerce integration, navigating inflation, and other critical industry shifts.
GlobeSt.com: What are the greatest influencers impacting CRE today and how are you seeing retailers mitigating the issue(s)?
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Lauren Ball: Inflation and interest rates are top concerns for the industry. The rising cost of capital and potential capital availability constraints affect CRE growth. The rising cost of capital is eroding investor returns and hampering investment in development, resulting in record setting occupancy levels across the U.S. At the same time inflation, rising labor and raw material costs are eroding consumer spending and retailer margins which limit what retailers can pay in rent. We have a strong balance sheet with access to ample capital, and we continue to focus on acquiring and operating fundamentally well-located retail centers where best-in-class retailers need to operate in any economic environment.
GlobeSt.com: What trends are you seeing in retail and paying attention to in the year ahead?
Ball: As we look ahead to the retail landscape in the coming year, there are several trends that are really catching our attention. One major trend is the increasing integration of technology into in-store experiences. We're seeing more and more retailers embracing AI, dynamic signage, and augmented/virtual reality technologies to enhance the customer experience within their physical stores.
Another significant trend is the continued push for enhanced e-commerce integration. It's all about creating a seamless transition between online and in-store experiences. Take, for example, one of our key partners in the grocery sector, Kroger. Their CEO highlighted that a staggering 90% of their delivery and pick-up customers also shop in-store. This success is largely attributed to their seamless integration across brick-and-mortar, digital, and mobile channels. They've developed an app that not only customizes coupons but also retains shopping lists and facilitates the delivery of missing items through their Boost membership program.
GlobeSt.com: Are there any other focuses you are seeing for retailers nowadays?
Ball: Sustainability is also a major focus for retailers nowadays. There's a growing emphasis on adopting eco-friendly practices and offering sustainable products to meet the demands of environmentally conscious consumers.
Lastly, personalized customer experiences are becoming increasingly important. Consumers are expecting tailored interactions from retailers, whether it's through personalized recommendations, targeted promotions, or customized shopping experiences both online and in-store. It's all about making the shopping experience more relevant and engaging for each individual customer.
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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.
