Failure to provide fresh experiences and tailor offerings to the local demographic and culture is costing many well-known retailers foot traffic, customer loyalty, and profitability, a head of a retail property group said.
“We see retailers continue to invest in large-format flagship stores in CBDs while people are increasingly living, working and shopping locally,” Vicki Leavy, general manager of JMK Retail, said.
“Shoppers want to support nearby businesses and avoid long commutes and high parking costs.”
Leavy noted that shoppers are looking for fresh, engaging and seasonal experiences. In addition, customers are interested in brands that connect with the local community.
“Being locally relevant through events, sponsorships or just knowing your customer’s name matters more than ever,” Leavy said.
“This is particularly evident in our suburban based shopping centres where customers enjoy the sense of community and the event of shopping because it feels like a familiar, comfortable and gratifying entertainment experience.”
Leavy also urged businesses to invest in staff training to boost sales interactions and adopt omni-channel engagement moving forward.
Moreover, she encouraged retailers to refocus on hyper-local shopping centres to drive business growth.
“Overwhelmingly, shoppers want convenience in a customised manner while also achieving value,” Leavy said.
“Suburban shopping centres increasingly play a key role in enabling this outcome.”