Experiential Retail on the Rise in 2020: How can Stakeholders Successfully Incorporate Today’s Innovative Trends?
nFusion’s Managing Director Martin Zurauskas recently spoke with Commercial Property Executive, providing his insights into emerging experiential retail trends and actionable steps stakeholders can take to mitigate risks and drive success.
Experiential retail has become a main topic of conversation in the industry over the past several years – and recent data suggests that experiences are in fact driving growth at faster rates than traditional retail.
Successes are bolstering interest from many developers, owners, and retail executives, who might be wondering how they can realistically bring these experiences to fruition in a cost-effective way that strengthens their ROI in the short and long term.
nFusion’s Managing Director Martin Zurauskas recently spoke with Commercial Property Executive on this topic, providing his insights into emerging experiential retail trends, as well as the actionable steps stakeholders can take to mitigate risks and drive success when breathing new life into retail through experiences.
In the context of a fierce competition from online alternatives, retail’s future is experiential. Studies have shown that owners utilizing experiential tactics are driving repeat purchases faster than traditional retail. Emerging smart technologies can now help retailers create engaging, educational and enjoyable experiences for their customers.
The below originally appeared in Commercial Property Executive on February 3, 2020:
Martin Zurauskas, managing director for nFusion, shares his views on the best practices that owners and developers can make use of to create a successful experiential retail strategy that stimulates foot traffic and guest satisfaction for the long term. Zurauskas, who has more than three decades of experience in the business, also touches on the key points for a successful themed development.
CPE: How can owners reposition older retail centers through entertainment and experiential retail?
Zurauskas: When executed correctly, exciting and immersive experiences can breathe new life into retail centers that are stale or reaching obsolescence. Owners are diving into opportunities to diversify far beyond shopping, dining and even traditional entertainment tenants such as movie theaters and bowling alleys, in order to draw in traffic for both the short term and long term.
Experiential tenants—including pop-up, semi-permanent and permanent activations—might make up a small portion of a center’s overall mix, but have the potential to attract shoppers and families to all of its retailers through offering accessible, convenient and cost-effective forms of entertainment that they can only enjoy outside the home.
Continue reading the full Q&A with Martin here.
Interested in learning more about how experiences are revitalizing the brick-and-mortar retail sector?
Below, please find nFusion’s Insights articles discussing the ongoing evolution of the industry:
Our best practices for developers interested in capitalizing on the experiential retail trend.
Martin speaks with GlobeSt about the benefits of well-executed of immersive retail experiences.
A deeper look at the types of entertainment-focused tenants being successfully incorporated into retail centers.