In a recent article written by Ron Nyren titled Retail Futures: What will be the changing role of retail in the current economy? (UrbanLand, May/June, 2010), six leaders in the area of U.S commercial and retail real estate development discussed the retail market in the wake of the current recession and offered insight into how retailers can adapt to the new economy. Many of the insights or suggestions are consistent with, or similar to, the recommendations set forth a few years ago in the business development strategy for the Village area and worthy of repeat as a form of encouragement to businesses already responding to these predictions and insights in a successful manner.
Some of the predictions and insights from the noted article are paraphrased below into key messages:
• Value-oriented retail, retailers who reinvent themselves, and retailers with brands that are relevant to the consumer will thrive.
• Location-based retail that is accessible to mass transit is going to become more valuable than retail in outlying areas. People are going to want to live, work, play and shop in easily accessible, proximate locations.
• People are spending more time downtown, especially for the dining experience.
• Stores focused on teenagers and people in their high-consumption years (defined alternately as 25-40 years old or 30-45 years old) will continue to do well.
• Retailers that provide an experience along with something to purchase will be rewarded. Retail centers that provide a complete experience that touches all five senses will thrive.
• Sustainability is going to be a differentiating factor among retailers in the future. Those that address it will be rewarded.
• Retailers will continue to downsize their store sizes. The great properties will continue to demand high lease rates; the lesser properties will continue to lag in occupancy and return.
Because the aesthetic quality of the physical space is important to an enjoyable customer experience and retail success, the Redevelopment Agency is reminding Village businesses and/or property owners that improvement grants are available to assist them in updating the look of their storefronts/buildings and to improve their street appeal.
These grants can help retailers to reinvent themselves and to create that complete shopping experience. For more information on the Village Storefront Improvement Grant Program, call the Department of Housing and Neighborhood Services at (760) 434-2815 or go to the City's Web site at www.carlsbadca.gov/services/departments/redevelopment/village and click on Storefront Improvement Grant Program.
Some of the predictions and insights from the noted article are paraphrased below into key messages:
• Value-oriented retail, retailers who reinvent themselves, and retailers with brands that are relevant to the consumer will thrive.
• Location-based retail that is accessible to mass transit is going to become more valuable than retail in outlying areas. People are going to want to live, work, play and shop in easily accessible, proximate locations.
• People are spending more time downtown, especially for the dining experience.
• Stores focused on teenagers and people in their high-consumption years (defined alternately as 25-40 years old or 30-45 years old) will continue to do well.
• Retailers that provide an experience along with something to purchase will be rewarded. Retail centers that provide a complete experience that touches all five senses will thrive.
• Sustainability is going to be a differentiating factor among retailers in the future. Those that address it will be rewarded.
• Retailers will continue to downsize their store sizes. The great properties will continue to demand high lease rates; the lesser properties will continue to lag in occupancy and return.
Because the aesthetic quality of the physical space is important to an enjoyable customer experience and retail success, the Redevelopment Agency is reminding Village businesses and/or property owners that improvement grants are available to assist them in updating the look of their storefronts/buildings and to improve their street appeal.
These grants can help retailers to reinvent themselves and to create that complete shopping experience. For more information on the Village Storefront Improvement Grant Program, call the Department of Housing and Neighborhood Services at (760) 434-2815 or go to the City's Web site at www.carlsbadca.gov/services/departments/redevelopment/village and click on Storefront Improvement Grant Program.