Shopping Center Business

MAY 2017

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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EEE 2017 252 • SHOPPING CENTER BUSINESS • May 2017 T he first day of the third annual En- tertainment Experience Evolution conference kicked off with a ques- tion: "Who ever thought we would have to sit here and figure out a way to replace department stores, when we spent most of our careers trying to figure out how to chase them?" began Nick Egelanian, president of SiteWorks Retail Real Estate Services. "Now we can't get rid of them quick enough." The retail landscape is changing, and the tried and true formulas for retail cen- ters and malls are no longer cutting it. The convenience of e-commerce is cutting into purchases once almost exclusively entrusted to the local mall, and consumer tastes are evolving to demand better expe- riences from the centers they choose to shop at with their discretionary dollars. Over 550 retail experts and top industry players joined Shopping Center Business at the Fairmont Miramar Hotel & Bungalows in Santa Monica February 7-8 for the Entertainment Experience Evolution conference, where they discussed the future of retail and the brightest and best upcoming trends for success in today's changing landscape. Overwhelmingly, the conversation focused on creating an emotional con- nection with visitors. When it comes to discretionary purchases, shoppers seek a space where they can create memories, not just pick up merchandise and leave. This connection is attained through thoughtful placemaking, a carefully cho- sen mix of unique shopping and dining, the hosting of community events and the creation of an environment through light- ing, music and landscaping. CREATING MEMORY-MAKING DESTINATIONS After opening remarks by Jerry France, chairman and CEO of France Media, Inc., and publisher of Shopping Center Business, the conference kicked off with a session titled "Lessons From The Best: Creating Great Entertainment Centers." In this panel, developers of some of the most prolific entertainment centers in today's retail landscape — including the fifty-block District Detroit, the 350-acre Broadway at the Beach in Myrtle Beach, and the Heineken Experience in Amster- dam — discussed winning methods to cre- ating a destination for consumers. "Today, we have two different forms of retail: we have commodity retail, and specialty retail," continued moderator Nick Egelanian. "Commodity retail ac- counts for 80 to 85 percent of all dollars spent, and commodity retail is that which you use on a regular basis and replenish regularly. Shoppers spend 85 percent of their time making subconscious choices between price and convenience with com- modity retail, and they don't care about the experience they have at those stores." "This conference is not about that; it's about how we sell and motivate buyers to spend their discretionary income and time, and when we motivate them to do that, we must make an emotional connec- tion with them," said Egelanian. "Let's talk about the best shopping center in the world — Disney World. You pay to get in, you pay to park, you stand in line, you stand in line some more, you over pay, you under appreciate and you leave happy. That is a good shopping center. Unfortunately we can't do that in most cases — we have to come somewhere in Entertaining The Masses Building an emotional connection to visitors is paramount to success in the changing retail landscape, according to conference panelists at SCB 's Entertainment Experience Evolution. Katie Sloan Over 550 retail experts and top industry players joined Shopping Center Business at the Fairmont Miramar Hotel & Bungalows in Santa Monica for the Entertainment Experience Evolution conference.

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