James Bohnaker, senior economist at Cushman & Wakefield, stopped by the DLC booth at ICSC Las Vegas to discuss the future of retail. Leaving the false narratives about retail in the past behind, Bohnaker talks about trends, challenges, and opportunities in the industry and the importance of data-driven approaches to drive success.
- Retail is in an exciting time of growth and optimism after years of false narratives. The data shows leasing and absorption are strong while vacancy rates are at record lows.
- Retailers are more optimistic now that they can implement strategies around personalization, technology, etc. that they’ve been working on. Winners are separating from others.
- Generative AI could deeply impact the consumer/retailer relationship in the next 5-10+ years through more personalized engagement and experiences.
- Strong retailers making smart real estate decisions based on data and science are thriving while others struggle with high costs. Demand is high for space in quality retail centers near customers.
- Low vacancy rates, especially in suburbs, reflect changes in how consumers spend time and preferences for social experiences when shopping in stores.
Read more in the report, Too Good to Ignore.
