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Houston's got the most retail construction in the country, making this year's ICSC RECon more relevant than ever. JLL SVP Mark Raines broke down the biggest takeaways from the conference.
1. Brick-And-Mortar Is Still Relevant, Despite E-Commerce
It's hard to have any discussion about retail space without mentioning e-commerce. While its rise has impacted brick-and-mortar stores, it hasn't taken away their relevancy. Consumers still want the retail store experience. Brick-and-mortar businesses that have focused on customer experience have done well despite e-commerce.
2. Mixed-Use and Creative Developments Characterize Retail Growth
Touching on the first point, consumers want more than just goods when they shop. That's why retailers and developers have pushed for exciting mixed-use and creative developments all across the country, like Three Hughes Landing and CityCentre.
3. Millennial Preferences Are More Important Than Ever
Every day that passes, more Millennials enter the workforce, rent their first apartment, buy their first car. Their preferences are playing a crucial role in future retail development. Millennials are less materialistic than other generations, preferring to spend money on experiences rather than goods.
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4. Food And Beverage Remains Very Active
It's hard to order a cocktail or wood-fired pizza from Amazon. This year was one of the busiest yet for food and beverage retailers.
5. Retailers Are Going Smaller
The time of big-box retailers is quickly fading. Across the board, retailers are downsizing to what they consider the "right size." This trend has caused business to pick up, as retailers now want smaller but more numerous locations.
A huge thanks to Mark, pictured enjoying the party, erm, convention, with his wife, April.
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