Three Keys to Rethinking Retail (2/3): Experiential Potential
With a groundbreaking combination of experiential innovation, cultural cachet and world-class tenant representation (if we say so ourselves), Culture Kings’ massively successful first international store opening in Sylvia Park.showed us that brick-and-mortar retail isn’t dead — just different. For retailers to thrive in a post-COVID world, there are three key adjectives to consider: omnichannel, experiential, and local.
We think each of these deserves an in-depth exploration, so we’ll tackle one each week in this three-part blog series. Click here to read Part 1: Omnichannel Omnipotence.
Part 2: Experiential potential
Here at Tenant Leasing Group, we’ve been talking about the rise of experiential retail since 2018. But now, with borders closed, and work melding into home, the opportunity has never been bigger for retail to provide the social and experiential stimulation we have been craving after months of increased isolation.
Culture Kings is perhaps the perfect embodiment of this trend of experiential retail. Flocking to its stores to get glimpses of celebrities like Drake and NBA star Ben Simmons, and of course the latest urban apparel, are throngs of young, trendy consumers looking for more than just streetwear. They’re looking for an experience. It’s no surprise that even before the pandemic, three-quarters of consumers (and even more Millenials and Gen Z) prioritise experiences over products.
One player which has heard these consumers loud and clear is luxury fashion platform Farfetch. Its so-called “store of the future” utilises RFID technology to populate customer wishlists with items pulled from their browsing history, enabling advanced personalisation of the brick-and-mortar store experience. Other features of Farfetch’s augmented retail experience include connected clothing racks and smart touch-screen mirrors helping to bring together the atmosphere of boutique shopping with the speed and convenience of online shopping.
By now it should be clear that omnichannel innovation is more than just the click-and-collect and eCommerce integration we discussed last week. It’s about turning physical stores from piles of stock into platforms for intimate and interactive engagement, transforming product users into brand advocates, and levelling up from transactional to experiential retail.
Tenant Leasing Group partners with retailers new and established, large and small, to optimise your space for this exciting new reality. Whether you want to find a new site, re-negotiate your lease, extend or get smart about your property footprint — we’re here to support you in minimising leasing costs and improving customer experience. Get in touch today!
Click here to read Part 3: Location and Localism.
Principal, Tenant Leasing Group
Phil has 25+ years experience advising and representing tenants on retail, industrial, large format retail, and other commercial property leasing.
A trusted veteran, Phil knows how to work negotiations in the tenant’s favour. He builds relationships directly with founders, business owners and senior executives to help optimise their business property situation.