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Technology, demographics, and different consumer expectations are the three main drivers of change in the retail industry.
Consumers are more connected now than ever before with their personal mobile devices and successful digitally native retail brands are fast becoming popular.
Consumer habits are changing, and with that, so are expectations. There is now a stronger emphasis on restaurants,fitness,recreation and entertainment, which means that the demand for mix of retail and experience is a high priority for many consumers.
As we continue to see a shift toward self-care, retail centers increasingly offer medical offices, fitness centers, health spas and other services as tenants.
The physical store is now providing an opportunity to craft a unique experience through customer service, personalized shopping, and custom products which is why many online retailers such as Amazon and Warby Parker are now also opening stores around the U.S. Consumers are rewarding retailers who offer a seamless offline and online experience.