Business
Retail and its effect on real estate… Rebecca Fitts, Principal Consultant for The Wild West of Retail (a consultancy focusing on non-traditional retail real estate strategies, brick and mortar customer experience and omni-channel solutions in the physical space) joins Thomas Kutzman and Scott Pollack in the MouthMedia Network studios powered by Sennheiser. Presented by Prevu. In this episode: Is ecommerce causing retauil apolcolypse, or revolution? The many changes going on in retail, surplus of retail real estate, need to find way out of that Figure out way that retailers can handle taking on overhead Digitally native brands opening up physical stores, customers want to have a touch/feel experience with brands How a physical store can help reduce amount of returns How there are no “pure plays” anymore Why physical retailers have harder time moving to ecommerce than ecommerce moving physical Westfield’s World Trade Center Oculus mall, public/private partnership, commuter hub Downtown redeveloping itself post-9/11 in NYC, a great comeback Mixed use of property, the way cities are growing The changing relationship between tenants and landlord, the difficulty of physical spaces taking long term leases An interest in commuter hubs for brands The need for experiences to be dynamic and changing, and are some physical stores too static to adapt? Retail trying to think in a new and different way Advancements in technology allowing you to reconfigure the store more frequently and easily Virtual reality, augmented reality, and smart mirrors allowing great things to be done in the store to expand experiences How Fitts is outgoing and enjoying being in a field that bounces around and changes The kinds of neighborhoods that are attractive to retailers, being loyal to local merchants Some of Fitts’ favorite jewelry designers