Professional Retail Store - May/June 2018 - 18

"WE HAVE 12
BILLION SQUARE
FEET OF RETAIL SPACE
IN THIS COUNTRY, AND
WE NEED 10 PERCENT OF IT
TO GO AWAY. IN THE STOCK
MARKET, A 10 PERCENT
CHANGE IS A CORRECTION,
BUT IN THE RETAIL
INDUSTRY, 10 PERCENT
IS AN APOCALYPSE."

Stores incorporate
more technology to
provide a seamless
experience for
customers -
the ability to
browse through
one channel,
purchase on
another and
return merchandise
via a different
channel. Although
GARRICK BROWN
some experts predicted
the elimination of physical
stores completely when technology began disrupting the retail
industry, customers have demonstrated the need for some
physical locations.
Although retail centers will remain a critical component for
many retailers' business plans, the centers will look different
in coming years, said Garrick Brown, Cushman Wakefield's
Vice President of Retail Research, Americas. "Our shopping
malls have developed very differently
than malls in Europe," he said. While
shopping malls in the U.S. house pure
retail stores with similar price points and
merchandise, such as apparel, cosmetics
and gift items, and price points, shopping
malls in Europe contain a wide variety
of stores that include all retailers selling
at all price points, grocery stores and
Garrick Brown
services such as dry cleaners. "Our
retailers self-segregate so that there are neighborhood centers
with the grocery and drug stores as well as services and lower
cost apparel, malls with higher priced merchandise and other
centers geared toward big box stores - a giant cousin of the
neighborhood centers," he explained.
"We are the only country that has approached retail this
way, except for a few areas in Canada," Brown said. This is
changing as the need for physical retail space shrinks, he said.
"We have 12 billion square feet of retail space in this country,
and we need 10 percent of it to go away," he said. "In the
stock market, a 10 percent change is a correction, but in the
retail industry, 10 percent is an apocalypse."

WHAT WILL THIS NEW REALITY LOOK LIKE?

www.HarrisonContracting.com

Ph: 1.888.456.4011
18 I RETAIL STORE MAINTENANCE I prsm.com

905002_Harrison.indd 1

4/13/18 7:53 PM

"The weakest malls and shopping centers will disappear,"
Brown said. "The remaining malls and centers will have to
adapt and change their strategy." He predicts that Class
A malls will take on a luxury feel while Class B malls will
have more discount retailers as well as service businesses.
"Although some retailers are cutting back on physical
locations, Ross has announced that they will open 100 new
stores versus the 50 that they had previously announced."
The next wave of innovative uses for malls is the addition of
food halls that are a mix of artisan vendors offering specialty
ingredients and prepared foods in a casual environment


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Table of Contents for the Digital Edition of Professional Retail Store - May/June 2018

CEO’s Column
Cover Feature the Evolution of Retail Centers
Retail of the Future
PRSM2018 Takes the Power of Facilities to a New Level!
Leadership
Association Matters
2017-18 PRSMCommittee Members
Trade Tips
Member Profiles
Association Matters
Best Practices
Advertisers’ Index
Professional Retail Store - May/June 2018 - Intro
Professional Retail Store - May/June 2018 - cover1
Professional Retail Store - May/June 2018 - cover2
Professional Retail Store - May/June 2018 - 3
Professional Retail Store - May/June 2018 - 4
Professional Retail Store - May/June 2018 - 5
Professional Retail Store - May/June 2018 - 6
Professional Retail Store - May/June 2018 - 7
Professional Retail Store - May/June 2018 - 8
Professional Retail Store - May/June 2018 - CEO’s Column
Professional Retail Store - May/June 2018 - Cover Feature the Evolution of Retail Centers
Professional Retail Store - May/June 2018 - 11
Professional Retail Store - May/June 2018 - 12
Professional Retail Store - May/June 2018 - 13
Professional Retail Store - May/June 2018 - 14
Professional Retail Store - May/June 2018 - 15
Professional Retail Store - May/June 2018 - 16
Professional Retail Store - May/June 2018 - Retail of the Future
Professional Retail Store - May/June 2018 - 18
Professional Retail Store - May/June 2018 - 19
Professional Retail Store - May/June 2018 - PRSM2018 Takes the Power of Facilities to a New Level!
Professional Retail Store - May/June 2018 - 21
Professional Retail Store - May/June 2018 - 22
Professional Retail Store - May/June 2018 - 23
Professional Retail Store - May/June 2018 - 24
Professional Retail Store - May/June 2018 - 25
Professional Retail Store - May/June 2018 - 26
Professional Retail Store - May/June 2018 - Leadership
Professional Retail Store - May/June 2018 - 28
Professional Retail Store - May/June 2018 - Association Matters
Professional Retail Store - May/June 2018 - 2017-18 PRSMCommittee Members
Professional Retail Store - May/June 2018 - 31
Professional Retail Store - May/June 2018 - 32
Professional Retail Store - May/June 2018 - Trade Tips
Professional Retail Store - May/June 2018 - 34
Professional Retail Store - May/June 2018 - 35
Professional Retail Store - May/June 2018 - Member Profiles
Professional Retail Store - May/June 2018 - 37
Professional Retail Store - May/June 2018 - Association Matters
Professional Retail Store - May/June 2018 - 39
Professional Retail Store - May/June 2018 - Best Practices
Professional Retail Store - May/June 2018 - 41
Professional Retail Store - May/June 2018 - Advertisers’ Index
Professional Retail Store - May/June 2018 - cover3
Professional Retail Store - May/June 2018 - cover4
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