Trends in Retail Real Estate
The retail real estate game is constantly evolving, so studying the current trends can help you stay ahead of the game. Modern shoppers behave very differently than those of the past due to the variety of shopping option types that now exist. To navigate these changes, the retail industry continuously has to change to keep customers coming in the door.
Parking Space Planning
A business building from the ground up has to take best land use into consideration for modern retail real estate. Parcels are often smaller and cities often permit fewer parking spaces than before. Additionally, more shoppers take alternative transportation that in the past, like rideshare services, so fewer parking spaces may be needed. Retail businesses that have products that can be picked up by delivery drivers or customers need to allow for a pick-up area in the parking lot design.
Customers may be more likely to shop at a brick-and-mortar facility if it is easily accessible. Mixed-use buildings are becoming more popular for business owners and new construction because they serve the dual purpose of allowing residents easy access to shopping and keeping businesses afloat with a built-in customer base. A combination of residential and retail establishments with office and workspaces gives businesses visibility they may not otherwise find.
Accommodating Online Shoppers
Same-day delivery has quickly become the shopping of choice when it comes to major retailers and grocery stores. With the increasing popularity of delivery drivers that will pick up online orders and bring them to the customer’s doorstep, many businesses have made strides to ensure the process is as seamless as possible. Mapping out the layout of a business now involves the idea of a designated pick-up area that doesn’t get in the way of regular foot traffic business.
Communal Office Spaces
The rise of work-at-home positions has lead to many buildings being used as community workspaces for workers who want to gather. Some businesses have taken advantage of this setup to provide the services these types of shared workspace community members would benefit from. Companies who use a collaborative business model also may have community workspaces for internal employees, which should be part of the planning process when the layout of the space is being designed.
Modern retail real estate looks very different from the strip malls and closed-off buildings of the past. Competition between online retailers and brick-and-mortar stores means businesses need to stay on top of current trends to keep customers coming back for more.