RECON 2014: Omni-channel shopping and “millennials” are two factors determining the future of the US retail market.
Fred Schmidt, president and chief operating officer of Coldwell Banker Commercial, which operates in 26 countries, said the millennials – 18 to 34 year-olds – were going to be the biggest spenders over the next few years.
“Millennials are our kids and they are coming into their prime buying years. They starting to make their presence felt, and as a consequence they will dictate the the demand for retail and the way they buy their goods.”
Schmidt said that retailers moving into omni-channel retailing were driving US consumer spending. “We are just on the cusp of omni-channel, which is very much on everyone’s mind. The consumer experience when they walk into a store is combined with [shoppers’] ability to buy online.”
On the US retail market as a whole, Schmidt said: “The retail market is improving. There has been a slow, steady decrease in supply and the consumer is slowly coming back.”
Schmidt also commented on Primark’s recent signing for 70,000 sq ft in Boston. “If Primark can have that international cache, which is still very big here, they could really, really take off,” he said. “If Primark becomes that in-thing, then ride that wave and go as far [as you can]. But, then, what’s the next wave?”
noella.pio.kivlehan@estatesgazette.com
For the full interview, click on the link below
