Commercial Property Shaken Up By Millennials Who Don’t Buy Much Stuff
Millennials spend more money on experiences and less on stuff than older generations did when they were young, and successful shopping centers cater to this.
That’s according to a MetLife Investment Management report, which says Millennial spending habits are driving superior results at shopping locations that are able to provide experiences as well as material goods, Bloomberg reports. That means shopping centers should incorporate things like movie theaters, farmers markets, live music and good food.
The report also says the best tenants are ones able to combine shopping with an experiential twist, like Apple, whose employees help customers navigate complex devices in an interactive store. [Bloomberg]