Brick and mortar: The future of retail in an era of changing technology and consumer tastes
As the economy of the future becomes increasingly high-tech, the retail sector must follow. New technologies such as smartphones and automated checkout stands, especially in grocery stores, are paving the way for the future of retail and how consumers will shop. In addition, retailers and landlords have an increasing number of high-tech tools to better track shoppers and better tailor retail offerings to shoppers’ needs and wants.
Although media outlets have used headlines such as “The Retail Apocalypse,” the retail market is not dying, says Adam Robinson, founder and president of RAF Pacifica Group. “The demand for retail properties isn’t diminishing; the way these centers are utilized is simply shifting,” explains Robinson. “Retail owners and investors who recognize this and adapt their properties to accommodate these shifts will continue to find value in the years ahead.”
Investors in retail must be aware of changing consumer preferences. Consumers a