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 258 • SHOPPING CENTER BUSINESS • May 2017 tainment lighting, to attracting millenni- als and the parents of millennials and the transformation of malls into mixed-use main streets. Garrick Brown, vice president of retail research for the Americas at Cushman & Wakefield, began the general sessions for the day with a keynote address titled "Food Halls, Retail Mash-Ups and Cool Streets: Can Hipster Retail Concepts Save Retail?" In his address, Brown explored the changes occurring in the retail landscape today, with a focus on experiential retail- ers, food and entertainment concepts and outside of the box tenants that are grow- ing while many others are in contraction mode. "The fact is — the hottest things going in retail right now are entertainment and food and beverage, with food halls at the top of it," said Brown. "If you want to see what's going to bring people into retail, thanks to our hipster and millennial friends, it's all about experience and hav- ing fun, and unfortunately, commodity retail doesn't really fit there. Retail con- tinues to evolve; we'll get through this current phase without a hitch for most of us, but right now we have a lot of ugliness ahead." Brown continued to state that Cush- man & Wakefield tracks announcements of major chains, and that the last year saw 4,000 closure announcements — the high- est level seen since the recession when Blockbuster closed 5,000 units. "We think that number is going to jump 25 percent this year," he predicted. "The overwhelm- ing majority of closures, however, will be in just a few categories." The second day continued with multi- ple sessions on the generation ahead. A panel discussion titled "New Develop- ment: Envisioning Retail and Mixed-Use for Tomorrow's Consumer," moderated by Randall Shearin, editor of Shopping Center Business, looked into developing for future generations The panel gathered representatives from leading development companies — including Stellar Development Inc., EPR Properties, Regency Centers and DLR Group Inc. — to discuss what they envi- sion for the coming years in retail, and their opinions on Generation X, millen- nials and Generation Z. A second keynote address by Michael Wood, co-founder of 747 Insights, contin- ued on this topic, looking into the evolv- ing expectations of retail from millenni- als and Generation Z. Wood noted that Generation Z is coming into the picture, and bringing with it a new set of attitudes, values and perceptions that differ in many ways from that which we've seen with millennials. The day saw a full schedule of general sessions, where attendees were given a deeper look into food and dining as an an- chor, engaging the senses and enhancing retail environments through music, and luxury cinemas and the growing trend to- wards incorporating five-star chefs, ultra chic cocktail lounges and intimate gath- ering spaces. Entertainment is growing in impor- tance for retail developers and owners ev- ery day. To succeed in today's landscape, one must create memory-making destina- tions where consumers want to linger — not just grab a few products and go. Each of the panels and sessions that occurred over the last week at Entertainment Ex- perience Evolution shed valuable light on the most successful and innovative trends in the industry, making it a must-attend event for those looking to continue to be successful in retail today. Shopping Center Business would like to thank our attendees, sponsors, speak- ers and moderators for making the third annual Entertainment Experience Evo- lution conference a resounding success. It is also our pleasure to announce that next year's Entertainment Experience Evolution conference will be held once again at the Fairmont Miramar Hotel & Bungalows in Santa Monica on February 6-7, 2018. SCB A variety of sessions covered everything from food halls and securing chef-driven restaurant concepts, to placemaking and the incorporation of entertainment venues in shopping centers today.

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