The moment we’ve all been waiting for, ICSC’s RECon 2016 is finally here! We’ve been overwhelmed with social participation since we ignited the conversation a few weeks back and appreciate your insights. Tonight we’re taking the Retail #CREcosystem dialogue live in Vegas and look forward to meeting you all!
“RECon represents the never ending opportunity to connect with people; that is what our industry is about; we just happen to work on real estate transactions; I always seek to maintain/nurture existing relationships as well as to create/foster new ones, across all segments/participants, where I can both give as well as receive.”
“We are very excited to unveil our new booth and display area at 2016 RECon. The concept is not just strategic and goal focused, but also functional and creative. Highlights include reception and meeting areas, property information displays, updated market map and new graphics.”
What tech and innovation trends have you seen in other industries that you suspect will pervade retail real estate in the coming years?
“Some of the megatrends coming are 3D printing (means less inventory space needed), artificial intelligence doing the shopping for you (Amazon is working on this with Echo), and smart buildings (solar panel glass, responsive design, etc.).”
“Most tech and innovation trends will find an application in retail real estate, whether it be iBeacon technology, driverless cars, customization of information etc., as the lines between our personal, professional and social lives continue to meld together.”
In your opinion, what is the future of social media in retail real estate?
“I think as an industry we are learning how to position social media channels to better gauge markets and trends whether it be for clients or helping to understand consumers. Mobile is huge. And we see no backsliding. Linkedin has gained a critical mass and YouTube has achieved success not only as a video channel but a search engine.”
Who do you consider tech-forward in your organization, market, or industry?
“ICSC is extremely tech forward and is a leader in their adoption of social media for example. I believe their entire organization has changed as a result of their willingness to embrace it. I do not see any other commercial real estate organization as technologically savvy as ICSC.”
“In retail real estate, mall owners have been on the cutting-edge of user experience far more than open air owners. Particularly Simon Malls and their Simon Venture Group are looking strategically at the future of retail and how they can proactively capitalize on it.”
What will retail real estate look like in three to five years?
“Quick fulfillment of goods will be the rule, not the exception, and storefronts will be smaller, more nimble, and there to support the lifestyle of a brand and support but not warehousing of large varieties of goods. Grocery will continue to shrink and become increasingly more specialized. Strip retail or smaller mixed-use will become increasingly more important to day to day needs of meals, nails, and other service-oriented businesses.”
“I actually think that retail will look very similar in three to five years. However, I think store size will continue to shrink and weaker stores that are not providing consumers with innovative products and market delivery will be struggling.”
As noted in The New #CREcosystem report, an MIT Sloan/Deloitte’s research study identifies strategy, not technology, as the driver of digital transformation. The report notes, “The strength of digital technologies — social, mobile, analytics and cloud — does not lie in the technologies individually. Instead, it stems from how companies integrate them to transform their businesses and how they work.” The same is true for the Retail #CREcosystem. The ways in which CRE pros are integrating tech and innovation trends into business strategy demonstrate how digital acumen can deliver much more value than simply building brand awareness.
We would love the opportunity to put a face with an avatar TONIGHT – Sunday, May 22nd at 5pm at Aria’s Sports Bar – for a social meetup hosted by theBrokerList and QuantumListing.
Follow the conversation live on Twitter (via #CREcosystem) or add us on Snapchat (realmassive)!