Black Friday 2022 was undoubtedly one for the books. Despite concerns about inflation, Black Friday sales raked in a record $9.12 billion worldwide. What’s more, in-person shopping increased nearly 3% this year compared to last, and visits to physical stores on Thanksgiving Day alone leaped 19.7%.
Each holiday season is crucial to retailers’ success. Sales over the holidays account for nearly one-third of annual revenues on average. If retailers get it right, they have a massive opportunity to solidify brand loyalty and strategically invest for the long haul.
This year is of particular importance relating to the degree of transformation that retail real estate has undergone. Retailers are rapidly expanding into storefronts and looking for new ways to engage with customers with an emphasis on tech, personalization, and community. We’ve seen an outpouring of new brands entering the physical retail space, many of which originated online.
Retailers aren’t the only ones adapting; consumer tastes have evolved to demand a flexible and streamlined experience. Consumers demand an experience that teeters the line between ordering online, shopping in person and everything in between.
We also know that people need a good reason to take a trip to a shopping center or strip mall, and that means a curated and diverse tenant mix.
Creating a destination experience is no easy feat, whether it’s a suburban lifestyle center or bustling downtown, it requires strategic planning, development, and a team of experienced real estate brokers.
If you’re a landlord or tenant in the market – contact us here to see how Cushman & Wakefield | CRESCO Real Estate can help you meet your retail real estate goals.
To learn more about how CRESCO, Greater Cleveland’s leading commercial real estate company, can help you with your property needs, contact us at 216.520.1200, or fill out the form below. A CRESCO professional will contact you shortly.