When customers choose to visit a physical store they are visiting for the experience. Consumers are looking for a fun social atmosphere, a vibrant setting, or unique offerings and deals that businesses may offer in-store. Only brick and mortar retail properties will satisfy stimulant and social hungry customers. Many study shows, that consumers prefer retail experiences within a community as opposed to build-outs on the edge of towns and cities. Most people want to shop near their homes and within a perceived recreational environment. For the last several decades we have seen big box stores spring up on the outskirts of communities where there is more open land and it’s more economical to build. However, this is not where the trend is leading now. New growth is in more urban areas. Grocery anchored centers are being revitalized within neighborhood communities to satisfy consumer values and trends.
Another trend in consumer tastes is a heavier emphasis on “sustainability.” This term may be overused and can represent various values for consumers. But make no mistake, it does appeal to a majority of shoppers these days, meaning that if a facility or building structure will be kept and refurbished it’s a positive to the community. The reuse or planned preservation may appeal to environmentally friendly investors, tenants, and consumers, increasing the property’s value.
The revitalization of properties often serves as a catalyst for economic growth. These properties also serve as incubators for businesses, providing a large spectrum of spaces with a range of rents affordable for growing businesses. This allows for various businesses to grow in retail size while staying in the same location that has garnered their success.