In the retail world, there is no longer a war between physical stores and online. Instead, it’s all about delivering value wherever your customers are. How can a commercial office get out of the retail book?Yardi’s Bernie Devine offers three ideas.
Yardi’s latest report, Retail reimagined, offices optimized, describes the challenges in black and white.
“After working from home for over two years, people want more from their office experience. They want the comfort of home, the convenience of a five-star hotel, and the aesthetics of a trendy cafe. ,” said Devine, Yardi’s Senior Regional Director.
“This is a big demand, and it’s not enough to just add a splash of paint, new lighting, or a new layout. People want seamless, personalized experiences, online and offline. It requires a whole new way of thinking about the universe.”
The e-commerce juggernaut is already changing the shopping center experience, observes Devine, and Yardi’s latest thought leadership presents 15 insights from an already outdated retailer. Only three here…
1. Integrate and Inspire
“Retail customers now expect to engage with brands through a variety of channels such as apps, order pickup lockers, pop-up locations, and that expectation extends into the office,” says Devine. “People are not looking at a clear channel, they are just looking at different aspects of their lives. It’s about fusing digital and virtual space.”
Devine cites US stationery store Staples as an example. Staples has been rolling out new spaces beyond retail recently. “Co-working, podcasting, and community event spaces are all on the premises of the retail store. ”
2. Find loss leaders
Retailers have used the concept of “loss leaders” for decades, whether it’s super specials or free samples. Many retailers now view their physical space as a showroom that advertises products that can be purchased through any channel.
“Some retailers are starting to use their brick-and-mortar stores as showrooms, loss leaders. It’s from.”
3. Play in the Metaverse Sandbox
Retailers are experimenting with everything from 3D “treasure hunts” to virtual restaurants delivering real food to customers’ doors, and so are landlords. “Start thinking about how the Metaverse is the key to unlocking new office experiences and revenue streams,” he suggests Devine.
Devine cites Barangaroo’s Meta-Experience Center as an interesting illustration of the possibilities. “MXC is an invite-only 3D virtual space that offers an immersive experience. Of course, you can play games and check out the future of retail. It’s about being pulled back from the physical workplace,” says Devine.
Devine’s message is very clear. “The world is changing, and so is the mindset of commercial landlords. I have.”
Download Yardi’s latest whitepaper to explore 15 connections between reimagined retail stores and optimized offices.