Retail Therapy: Easy Updates for Existing Retail Commercial Real Estate
From New York to St. Louis to Seattle, cities across the U.S. have untapped potential in existing retail real estate. Shopping centers should be continuously reevaluated throughout their lifespan to make sure the needs of the local patrons are being fulfilled. Consider the surrounding stores, restaurants and entertainment–what sort of shoppers are you attracting? Can their experience be improved?
Simple, cost-effective updates can be the difference between a thriving retail space and an outdated, overlooked store. Aesthetic and ambience are very important to the buying process. Everything from color scheme to scent can influence shoppers purchasing behavior.
The National Real Estate Investor observed how subtle updates can shape the shopping experience, “Signage, décor, and graphics, in fact, tend to define how visitors to a shopping center perceive, interact, and engage with the space. It is often the first thing shoppers see when they arrive and the touchstone to which they return throughout their visit. From wayfinding and directional signage to recognizable symbols of recognizable tenants and cultural icons, the writing is literally on the wall when it comes to the shopper experience.”
OPEN SPACE AMENITIES
Trends in retail commercial real estate also show open space as a value-added investment. Fountains, café-style open seating and resting areas can be less invasive than a major remodels but add an upscale look and feel to your retail center. The happier and more comfortable your shoppers are, the longer they will stay and shop!
Studies show that shoppers still prefer to make purchases at brick-and-mortar stores, rather than online. As commercial realtors, we need to continuously challenge ourselves to make that in-store shopping experience memorable to continue to compete with ecommerce.
Contact Intelica CRE’s Retail Services Group (IRSG) to discuss retail real estate opportunities, including leasing, acquisitions, dispositions, consulting, asset management and development services.