A veteran real estate and business development professional in Boston, Michael Snedeker focuses on consulting on commercial construction and real estate matters at Shellback Industries. To better serve his clients, Michael Snedeker pays close attention to the trends driving the commercial real estate industry.
For decades, retail stores have been a steadfast anchor of commercial real estate properties across the country. With the rise of the Internet and online retailers such as Amazon, however, physical retailers have had to adjust their business models to keep up. According to commercial real estate analysts, the latest twist in retail is set to drive commercial real estate trends in 2018.
Over the past few years, retail stores struggling to bring in customers have adopted a philosophy that has been termed “experiential retail,” which means creating an overall experience for the shopper that goes beyond buying products. For example, yoga-product retailer Lululemon has conducted yoga classes in its stores, while grocery chains like Whole Foods have added restaurants, wine bars, and cooking classes.
By adapting to the desires of both younger clients, who often value experiences over material things, and older clients, who are used to visiting physical retail locations, retailers and the larger commercial real estate industry can continue to thrive in the new economy.
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