{"id":1701,"date":"2017-05-01T17:15:01","date_gmt":"2017-05-01T17:15:01","guid":{"rendered":"http:\/\/cohnmarketistg.wpengine.com\/?post_type=perspectives&amp;p=1701"},"modified":"2017-05-01T17:15:01","modified_gmt":"2017-05-01T17:15:01","slug":"experiential-retail-brick-mortar","status":"publish","type":"post","link":"https:\/\/cohnmarketing.com\/experiential-retail-brick-mortar\/","title":{"rendered":"Experiential Retail: Real Estate\u2019s Hottest Phrase Saves Brick &#038; Mortar"},"content":{"rendered":"<h2 style=\"color:#cc5122;\">The Future of Retail Real Estate Marketing<\/h2>\n<h3>Perhaps you\u2019ve heard: The <a href=\"https:\/\/twitter.com\/search?q=%23RetailApocalypse&amp;src=tyah\">#retailapocalypse<\/a> is upon us.<\/h3>\n<ul>\n<li><a href=\"https:\/\/www.theatlantic.com\/business\/archive\/2017\/04\/retail-meltdown-of-2017\/522384\/\">The great retail apocalypse of 2017 <\/a>\u2013 The Atlantic<\/li>\n<li><a href=\"https:\/\/www.businessinsider.com\/retail-job-losses-are-hurting-the-economy-2017-4\">The retail apocalypse is creating a \u201cslow rolling crisis\u201d<\/a> \u2013 Business Insider<\/li>\n<li><a href=\"https:\/\/en.wikipedia.org\/wiki\/Retail_apocalypse\">\u2028Retail apocalypse <\/a>\u2013 Wikipedia (Yes, it has a six-chapter Wikipedia entry.)<\/li>\n<\/ul>\n<p>The retail apocalypse narrative is largely focused on the rise of e-commerce, which supposes a one-for-one relationship between e-commerce and brick and mortar retail. If one goes up, the other must go down, right?<\/p>\n<p>Hold your horses\u2014and your four horsemen.<\/p>\n<h3>The shopping experience as a unique entity.<\/h3>\n<p>It\u2019s hard to dismiss some of the more troubling retail statistics of 2017, but it\u2019s still possible we are just witnessing the metamorphosis of brick and mortar retail.<\/p>\n<p>Shopping consists of (a) the purchase, and (b) the experience of shopping. For now, e-commerce can truly only offer a brick-and-mortar alternative for the purchase. The experience of shopping, on the other hand, is going to be awfully difficult to replicate or replace online. Even as virtual reality (VR) becomes more viable and retailers find interesting ways to incorporate VR into the online shopping experience.<\/p>\n<p>Meanwhile, <a href=\"https:\/\/www.nytimes.com\/2015\/08\/14\/business\/economy\/stores-suffer-from-a-shift-of-behavior-in-buyers.html?_r=0\">as consumer spending shifts away from consumer goods<\/a>, it\u2019s expanding for experiences. In fact, <a href=\"https:\/\/eventbrite-s3.s3.amazonaws.com\/marketing\/Millennials_Research\/Gen_PR_Final.pdf\">one report claimed<\/a> 78% of millennials prefer to spend money on an experience rather than a product.<\/p>\n<p>These factors have created an opportunity for a new wave of retail to thrive: experiential retail.<\/p>\n<h3>Experiential retail emerges.<\/h3>\n<p>Any experiential retail think piece will invariably rattle off the shining star retailer examples of REI, Apple, Nike and Starbucks as heroes of experiential. These companies have made brick and mortar retail an essential part of their brands, and they\u2019ve reinvented and revitalized the original attraction of shopping in the first place.<\/p>\n<p>But those examples have been touted to death. Plus, those leaders in experiential are limited to the stores themselves. What about the shopping center? How can retail real estate developers become champions for experiential?<\/p>\n<p>We know it\u2019s already been happening in Asia and South America for years, but within the U.S., which retail real estate properties are embracing and succeeding in experiential retail? Where does our industry go from here?<\/p>\n<h3><strong>Shopping centers that are leading the experiential movement. \u00a0<\/strong><\/h3>\n<p>Great examples of experiential retail real estate are popping up across the country. One we are supremely excited for is COHN client <a href=\"https:\/\/www.onedaytona.com\/\">ONE DAYTONA<\/a>\u2014a 300,00-square-foot retail destination adjacent to Daytona International Speedway and Daytona Beach, Florida, that is slated to open this year. Unlike many properties, ONE DAYTONA was actually designed to be an experience retail center in the blueprint stage. It will be where people go to hang out first, and shop second. ONE DAYTONA will feature a full slate of memorable on-site experiences\u2014entertainment, community events, dining worth the effort, and more\u2014to attract local and regional visitors to ONE DAYTONA.<\/p>\n<p>In this way, it offers a tangible reason to skip online shopping and head straight to brick and mortar. It\u2019s an experience. A destination. It\u2019s worth the effort to get there, and that\u2019s the point. The developers want people to hang out here, and you can see their vision clearly. Plus, because it\u2019s across the street from the legendary raceway, ONE DAYTONA will be pumping with electricity and energy throughout the year-round race schedule.<\/p>\n<p>ONE DAYTONA represents what experiential retail can be when it is prioritized from day one.<\/p>\n<p>But what can traditional retail shopping centers do now to become more experiential, without completely redeveloping their center? Here in Denver, <a href=\"https:\/\/www.southwestplaza.com\/en.html\">Southwest Plaza<\/a> is proactively making their center more interactive and experiential by <a href=\"https:\/\/www.thedenverchannel.com\/news\/national\/malls-tackle-new-round-of-store-closings\">bringing in a new bowling alley, a cycle bar and a yoga studio is on the way<\/a>. It\u2019s a smart approach to reinvent the center without starting over.<\/p>\n<h3>What&#8217;s next?<\/h3>\n<p>When we think about the future of retail real estate, we might need to look (ironically) to the past. Let me set the stage for you. The place is <a href=\"https:\/\/www.youtube.com\/watch?v=VUMTshUflTg\">Ridgemont Mall, Anytown USA<\/a>. The year is 1982. \u201cWe Got The Beat\u201d plays over a montage of major characters, all of whom spend every Friday night at the mall.<\/p>\n<p>Being at the mall is an essential part of life at Ridgemont High. It\u2019s the experience, not the goods.<\/p>\n<p>That\u2019s where retail real estate needs to be in the future: an essential part of consumers\u2019 lives. When we talk about retail real estate, we should do whatever we can to make our retail centers offer essential experiences that are worth the drive and effort.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Future of Retail Real Estate Marketing Perhaps you\u2019ve heard: The #retailapocalypse is upon us&#8230;.<\/p>\n","protected":false},"author":3,"featured_media":1702,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1701","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insights"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why Experiential Retail Will Save Brick and Mortar - COHN Marketing<\/title>\n<meta name=\"description\" content=\"Perhaps you\u2019ve heard: The #retailapocalypse is upon us. Let us put your mind at ease with this COHN Perspectives piece on experiential retail.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cohnmarketing.com\/wp-json\/wp\/v2\/posts\/1701\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Experiential Retail Will Save Brick and Mortar - COHN Marketing\" \/>\n<meta property=\"og:description\" content=\"Perhaps you\u2019ve heard: The #retailapocalypse is upon us. Let us put your mind at ease with this COHN Perspectives piece on experiential retail.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cohnmarketing.com\/experiential-retail-brick-mortar\/\" \/>\n<meta property=\"og:site_name\" content=\"COHN Marketing\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/cohnmarketing\" \/>\n<meta property=\"article:published_time\" content=\"2017-05-01T17:15:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cohnmarketing.com\/wp-content\/uploads\/2017\/04\/Ridgemont_Mall_from_Fast_Times_at_Ridgemont_High_-_panoramio.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"970\" \/>\n\t<meta property=\"og:image:height\" content=\"534\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cj\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cohnmarketing\" \/>\n<meta name=\"twitter:site\" content=\"@cohnmarketing\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cj\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/cohnmarketing.com\/experiential-retail-brick-mortar\/\",\"url\":\"https:\/\/cohnmarketing.com\/experiential-retail-brick-mortar\/\",\"name\":\"Why Experiential Retail Will Save Brick and Mortar - COHN Marketing\",\"isPartOf\":{\"@id\":\"https:\/\/cohnmarketing.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/cohnmarketing.com\/experiential-retail-brick-mortar\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/cohnmarketing.com\/experiential-retail-brick-mortar\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/cohnmarketing.com\/wp-content\/uploads\/2017\/04\/Ridgemont_Mall_from_Fast_Times_at_Ridgemont_High_-_panoramio.jpg\",\"datePublished\":\"2017-05-01T17:15:01+00:00\",\"author\":{\"@id\":\"https:\/\/cohnmarketing.com\/#\/schema\/person\/6d5ba835d6d1baa9e1cd82582f36e376\"},\"description\":\"Perhaps you\u2019ve heard: The #retailapocalypse is upon us. 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