At Shellback Industries LLC in Boston, Michael Snedeker is involved with efforts related to commercial construction and real estate. In his position at Shellback Industries, Michael Snedeker coordinates and leads several core functions including sales, marketing and advertising, and systems development. Investors in commercial retail properties should watch emerging markets and trends carefully.
Due to the significant increase in e-commerce over the last few decades, brick-and-mortar retail properties have been seeking to establish their place in the retail sector. Although more people are shopping online, brick-and-mortar locations still have a place, though some perform better than others. Currently, open-air shopping centers with a strong anchor store are performing well and have few vacancies. Discount stores, variety stores, food and beverage outlets, and dollar stores are also experiencing success. Locations specializing in apparel, electronics, and appliances are all experiencing a decline. Large department stores are also suffering.
In order to bring traffic into brick-and-mortar retail locations, stores are working to enhance shoppers’ experience through design, decor, events, and customer service initiatives. In order to bring customers in, stores might offer classes, clubs, or personalized fittings. Others highlight unique, one-of-a-kind items at a discounted price to attract treasure hunters that are looking for the perfect deal. Knowing that shopping is often a social experience, some brick-and-mortar stores are incorporating bars or cafes into their locations, allowing customers to linger and chat while shopping.
In general, retailers with locations in cities that are growing and have strong economies perform the best. Currently, large cities in the West, Southeast, and Southwest are performing well while cities in the Midwest and Northeast are lagging behind.
Due to the significant increase in e-commerce over the last few decades, brick-and-mortar retail properties have been seeking to establish their place in the retail sector. Although more people are shopping online, brick-and-mortar locations still have a place, though some perform better than others. Currently, open-air shopping centers with a strong anchor store are performing well and have few vacancies. Discount stores, variety stores, food and beverage outlets, and dollar stores are also experiencing success. Locations specializing in apparel, electronics, and appliances are all experiencing a decline. Large department stores are also suffering.
In order to bring traffic into brick-and-mortar retail locations, stores are working to enhance shoppers’ experience through design, decor, events, and customer service initiatives. In order to bring customers in, stores might offer classes, clubs, or personalized fittings. Others highlight unique, one-of-a-kind items at a discounted price to attract treasure hunters that are looking for the perfect deal. Knowing that shopping is often a social experience, some brick-and-mortar stores are incorporating bars or cafes into their locations, allowing customers to linger and chat while shopping.
In general, retailers with locations in cities that are growing and have strong economies perform the best. Currently, large cities in the West, Southeast, and Southwest are performing well while cities in the Midwest and Northeast are lagging behind.
