Standardized RE - Retail Flashcards
1
Q
How has retail evolved historically?
A
- ancient Greece: agora as market centers
- mercantilism: old town houses with integrated markets
- industrialization: introduction of department stores with elevators
- suburbanization: shopping centers on greenfields near traffic nodes
- modern trends: gentrification, digital shopping, and experience-based shopping
2
Q
What defines a modern shopping experience?
A
- retail integrated with leisure and entertainment
- “third places” -> spaces fostering community and belonging
- urban centers mixing work, living, and shopping
3
Q
What trends will shape shopping malls in the future?
A
- shift to lifestyle hubs
- integration of pop-up stores, startups, training centers, and health services
- emphasis on experiences, culture, and entertainment over pure shopping
4
Q
Why is revitalization of shopping centers important?
A
- aging infrastructure requires updates to match modern needs
- new concepts focus on quality over quantity, catering to community needs
- urban integration and a balanced mix of retail, leisure, and services
5
Q
How are customer demands changing?
A
- increasing preferences for quality, authenticity, and sustainability
- desire for urbanity over suburban malls
- shift from materialism to meaningful experiences
6
Q
What role does digitization play in retail?
A
- enables data-driven insights into customer behavior
- allows personalization and improved customer engagement
- fosters transparency through QR codes and online reviews
7
Q
How is sustainability integrated into retail?
A
- focus on green technologies and circular economies
- use of local and ecological products to reduce carbon footprints
8
Q
What is the “Donut Economy”, and how does it apply to retail?
A
- concept by Kate Raworth focusing on social and environmental well-being
- retail must prioritize sustainability over overconsumption
9
Q
What challenges does brick-and-mortar retail face?
A
- competition from e-commerce reduces the need for physical space
- rental income declining due to falling demand
10
Q
How can brick-and-mortar stores stay relevant?
A
- focus on emotions, experiences, and personalized services
- use stores as “physical touchpoints” for online brands
- integrate online and offline retail strategies
11
Q
What are the expected returns for various retail formats?
A
- individual stores: 4-15%
- department stores: 5-10%
- shopping centers: 6-15%
- outlet centers: 5-10%
- adventure parks: 6-12%
12
Q
How can retailers leverage big data?
A
- revise assortments to match customer needs
- optimize store locations and layouts
- train employees to provide data-driven personalized experiences
13
Q
Why do people visit shopping centers despite online options?
A
- desire for in-person experiences, sensory engagement, and immediate gratification
- shopping centers offer community and social interactions
14
Q
What makes a shopping experience memorable?
A
- integration of emotions, surprises, and experiences
- spaces designated to inspire creativity and foster connections
15
Q
What innovative retail concepts are emerging?
A
- pop-up stores and temporary spaces
- fashion outlets catering to bargain hunters
- hybrid retail formats combining digital and physical shopping
