(CNN) – Online shopping is king, leaving traditional brick-and-mortar retailers to restrategize.
Tom McGee, ICSC President and CEO, says “This is an industry that is in the midst of a renaissance.”
As our shopping shifts online, retailers are perfecting the customer’s in-store experience. Some even call it home, mixed-used developments include residential properties alongside shops, entertainment and office space, making them a popular choice for millennials and empty-nest baby boomers.
According to McGee, “Three-quarters of Americans if given the option would love to be able to live work and play and shop all in one location.”
Digitally-native retailers are realizing bricks can drive clicks.
McGee says, “When a retailer opened up a store in that geographic area the web traffic on their site went up 37%.”
Retailers like Target and Walmart are cashing in on their real estate, offering buy online, pick up in store options that add convenience and present a lucrative opportunity for the store.
McGee adds, “67% of the time when a consumer goes and pick something up in a store that they bought online they buy something else.”