In 2015, the commercial real estate market showed marked improvement. Transaction volume increased by $20 billion nationally in 2015, a sign that businesses are continuing to thrive.
Columbus businesses have experienced a similar surge in growth recently, ranking third in a list of cities that have experienced the most retail growth from year to year. The commercial real estate market is looking great for 2016. To help you take advantage, we have created a list of some of the most important retail trends for 2016 to help commercial real estate holders succeed.
Consumers are Seeking Experience, Not Just Products
Forbes recently reported that 71 percent of consumers under the age of 35 prefer to talk about experiences rather than products. The key for retailers now is to make their retail places into places where consumers can come for an experience.
Retail spaces are no longer simply “stores,” but are evolving into experiential spaces such as showrooms, sampling spaces or even classrooms.
National and Local Should Work Together
Consumers today, particularly millennial consumers, are shopping with a conscience. They want to know that they can do something good for the world as they purchase products. Retailers need to align their practices with these strongly held values.
National retailers should look for ways to give back to local communities with their products and sales so that consumers can feel good about their consumption and help their communities thrive.
A Strong, Positive Online Presence is Vital
Choices abound for consumers today, and consumers are more educated than ever about the options they have for products and businesses. A digital marketing presence is a must-have for the retailers of today.
Retailers ought to view their digital marketing strategies as a way to educate, inform and empower consumers so that they can know that their products are the best decision they can make. Social media, apps and online purchasing are all options that retailers need to consider as a part of their overall marketing strategy.
Reliable, High-Speed Internet is a Must-Have
Technology is advancing at a breakneck pace, and retailers need to stay up to date with technology trends. High-speed internet can enable retailers to use tools like security systems, tablets for sales associates and even store traffic counters. Retailers don’t necessarily need all of the latest high-tech gadgets, but an Internet connection is a crucial part of a retail space.
Take advantage of the commercial real estate outlook for 2016! Alterra is committed to helping businesses succeed with commercial real estate in central Ohio. Contact Alterra to learn more about how we can help you buy or lease office, retail, warehouse or other commercial spaces.