“New is the new, new”, as commonly quoted by Spencer Levy. Retail is very much alive and is here to stay. Retailers continue to make investments into their operations and strategize for the future in this ever-changing landscape. The main component in all these retailers’ growth plans is finding ways to adapt and evolve their omnichannel presence. Strong market leaders in the retail space, which have done just that, have been Target, Costco, The Home Depot and Walmart among others. The steps that these companies have taken over the last 5 years and the plan that they have prepared to incorporate, supports the continued growth of market share and relevancy as a retail brand moving into the future.
Retailers that are susceptible to change and are willing to incorporate omnichannel into their operations will succeed, while others that are stuck in their old ways will go extinct. As a retailer, you must have the ability to connect and engage with your customer online as well as in brick and mortar locations. Consumers are looking for retailers that make their shopping experience frictionless, whether that is buying home goods, groceries or electronics, it must be an easy process or consumers will take their purchasing power elsewhere. As a shopping center landlord, it is ideal to have tenants that understand this well, who are proactively making investments into their operations and retail execution strategy. The tenants that understand this will be the ones that will thrive and the ones of which you as a shopping center landlord will want to lease space to and have as the underlying cash flow to your retail investment long term.