Predictions for the Millennial Market
What will attract the Millennial Market?
1. Mobile Gets Even Smarter
2. Unique Over Big Box
3. Fast Food & Groceries Get Special
1. Mobile Gets Even Smarter
Already, many retail outlets have apps where consumers can order items prior to picking them up, obtain and use coupons, browse merchandise and see what is available at a nearby location. Mobile wallets will also lead to faster checkout time and will further blur the line between the online shopping and brick and mortar experiences.
A parking lot that meets the needs of these shoppers is necessary. These customers want to be in-and-out. Spaces that are easy to access and only available for short periods of time are a good idea.
2. Unique Over Big Box
Millennial tastes do not favor big brands, but small, specialty retailers. The retail stores that are growing are those with distinctive items. According to MasterCard, smaller apparel stores are seeing the growth, whereas big names are stagnating. While mega-chain anchors are still considered as a necessity for many retail hubs – and indeed, the “one stop shop model” is still a great draw – the niche stores may be drawing the most coveted market. Is your property evolving with these trends? Does its atmosphere speak to this market?
3. Fast Food & Groceries Get Special
As Millennials age and have children, they are spending less on dining out, but their tastes still show “specialty” preferences. The fast food industry has a gap between the demand for healthier, trendier choices and low-priced, convenient options. Grocery stores and restaurants with “in the know” marketing strategies may appeal to this generation’s attraction to what feels special. A boutique feeling is a key to attracting this market. A fun experience is still a key to attracting customers on-foot instead of on-screen.
What does this mean for property managers of retail centers?
When the opportunity arises to fill a space with a new tenant, what strategy can you use to choose a new tenant and keep your retail center highly relevant? What kind of image does this tenant have and how does it affect the overall atmosphere of the property?
As we note time and again, a pleasant atmosphere is paramount to attracting customers. The condition of your property has a big impact on how a customer experiences your property and how they feel about shopping there. What projects can you budget for to improve the appearance of your property to attract the right tenants and the right customers? This will create a positive cycle for your property.
Contact TWS to see what we can do to improve the appearance of your property. Regular maintenance and improvement projects is a first step in the right direction.