房地产行业需要了解的体验零售(英)-麦肯锡

September2024

Mcsey

&company

RealEstatePractice

Whattherealestate

industryneedstoknowaboutexperientialretail

McKinseyseniorpartnerColleenBaumexplainshowrealestateownersbenefitfromhelpingexperientialretailersflourish.

Experientialretailisagrowingwayforretailerstodrawinshoppers,increaseomnichannelsales,andbuildtheirbrands.Realestateownersandoperatorsthatcanattractexperientialretailerscanbenefitinmultipleways.Here’swhatittakes.

KatyMcLaughlin:Whatisexperientialretail?

ColleenBaum:It’saformatdesignedtohelp

customerstouchandfeelandexperienceproductsaswellasgettoknowabrand.Experientialformatstendtohavefarmorebrandmessaging.Thistype

ofretailexperienceisnottobeconfusedwith

temporarypop-upstoresorbrandedevents.Instead,experientialretailersseeklong-termleasesandaimtobecomeknownasdestinationshopping.It’sa

reasontogo.Someleadingexperientialformatshavebeenwithinsportinggoods,whereshopperscantryonshoesandplayonabasketballcourtorrunonastripofAstroTurf.

KatyMcLaughlin:Whatkindofrealestatedoexperientialretailerslookfor?

ColleenBaum:Experientialformatstendtobe

morecapitalintensive.Tomakethereturnonthatcapitaleffective,experientialretailersneedtobeinhigher-trafficlocationswheretheycanaccess

everydayshoppersandsometouristtraffictohelpbuildbrandawareness.

KatyMcLaughlin:Howisthereturnfromexperientialretaildifferentfromthatoftraditionalstores?

ColleenBaum:First,mostexperientialformats

don’tachieveprofitabilityfromin-storesalesfor

threetofiveyears,becauseofthecapitalintensity.

Second,theyoftenboostomnichannelsales.Whenonespecialtyretaileropenedtheirfirsttenlocations,theywereallexperiential.Theyhada200percent

increaseinomnichannelsaleswithinthose

catchmentareas.Peoplewhostoppedbydidn’t

necessarilybuyatthestore,buttheyboughtonlinelateron.Twohundredpercentisreallyimpressive;amoretypicalliftisinthe15to25percentrange.

Third,brandsuseexperientialformatstoacquire

customers.Customeracquisitionthroughsocial

mediahasbecomeincreasinglyexpensive,anditisprohibitiveforalotofbrandstodolarge-scale

acquisitioninadigitalchannel.Instead,retailershopetodrawcustomersintocool,exciting

locations,trackthenumberofnewcustomers,andencouragethemtojointhedatabaseor

loyaltyprogram.

KatyMcLaughlin:Whyshouldrealestateownersoroperatorstrytoattractexperientialretailers?

ColleenBaum:Inamoreexperientialformat,you

havealongerdwelltimeandagreaterlikelihood

thatpeoplewillshopacrosslocations.Soifareal

estateownercangetacoreoranchortenantthat’smoreexperientialinnature,itcanattractmore

destinationtraffictothehighstreetormall,whichisabenefittoothertenants.

KatyMcLaughlin:Howcanrealestateownersandoperatorsattractexperientialretailers?

ColleenBaum:Tenantimprovementallowancesmayhavetobehigherbecauseofthecapital

intensityofexperientiallocations,andbuild-outcouldtakelonger.Sorealestateownersor

operatorshavetobalancefindingtherighttenantandpossiblymoreup-frontcoststosecurea

leasethatwillreallydrivetraffic.Youcan’tputan

experientialretailerjustanywhere.Theyneed

highlytraffickedlocationsthatarehighlyvisible,areonagroundfloor,andhavelotsofwindows.

Whattherealestateindustryneedstoknowaboutexperientialretail2

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Realestateownersandoperatorscanalsoattractthesetenantsbyofferingvaluabledata.This

includesdetailsabouttheareademographics,

whichshoppersarecominghere,majorsourcesofemploymentaroundthearea,andthetrafficon

differentoccasions.Theretailerorbrandteamcan

thentakeallofthisintoaccounttodetermine

whatexperientialcomponentsthey’llincludetodelightthesecustomers.

KatyMcLaughlin:Howcouldleasesbedesigneddifferentlyfortheseretailers?

ColleenBaum:Thedatademonstratesthat

someonewhoshopsonlineandin-storeisatleast1.25percentmorevaluablethansomeonewhojustshopsinasinglechannel.Sothere’srealvalueinhavingsomeonewhogoesinthestoreaswellas

buysonline.Wealsoknowthatwhenyouopena

storeinaparticulararea,theonlinesalesincrease.Ontheflipside,whenastorecloses,thereis

adeclineinonlinesalesintheareasurroundingthatstore.

That’sallproofthatagreatin-storelocationcan

leadtohigheronlinesales.Soitonlymakessenseforrealestatecompaniestopursuearentstructurethat’scorrelatedtoapercentageofomnichannel

sales.Therealestateownerscanfigureoutameasureofthoseomnichannelsalesthatareconnectedtotheexperientiallocation.

KatyMcLaughlin:Howelsecanrealestateownersandoperatorsprofitfromexperientialretail?

ColleenBaum:Muchofthebenefitcomesfrom

howtherealestateownerusestheexperiential

retailertobuildanoncompetitiveecosystemof

complementaryretailersnearby.Ownersand

operatorscanuseanalytics,includingmobilityandcreditcarddata,tofigureout,“What’sthecollectionoftenantsthathaveoverlappingcustomerbasesandwouldfeedoffofoneanother?”There’san

opportunityforownersandoperatorstothink

aboutbroaderplacemaking—includingfoodandbeverage,events,andspecialinstallations—and

howtotakeadvantageofthetrafficthat