Westchester County has an estimated 50 million square feet of total retail space for its 961,000 residents, a ratio of 52 square feet per capita. This ratio is in keeping with the United States average, although Westchester County retail tends to be in smaller centers. Read More
The advent of online shopping brought customers numerous new advantages: price comparisons, reviews, convenient browsing, home delivery. But research has indicated that shoppers are beginning to have online fatigue (see our last post on Integrating Online and In-store Shopping). The ever-increasing availability of information and buying alternatives on the internet has offered consumers almost too many options. Delivery is appealing, but scheduling deliveries can be a problem, and returns by mail are time consuming. Read More
Two weeks ago, Target reported 4th Quarter 2015 earnings, with remarkable online sales growth of 34 percent. Target COO John Mulligan indicated, however, that their digital sales growth would not have been possible without the company’s bricks-and-mortar presence, which allowed consumers flexible fulfillment options (see ICSC – Shopping Centers Today). Read More
While retailers understand the importance of capturing Millennials’ spending power, some are struggling to learn how to adjust their marketing techniques to fit Millennials’ style. Read More
The roughly 80 million Millennials – a generation even larger than the Baby Boomers – were born between 1980 and 2000. Now 15-35 years old, Millennials are just beginning to reach their peak spending years: building careers, setting up new households and having families. Due to their sheer numbers and their stage in life, Millennials (also known as Generation Y) are expected to comprise almost one-third of retail sales by 2020. Read More
This month we’ll be sharing articles on changing shopping patterns, many of which revolve around the Millenials. According to Rahul Sehgal, CIO of Inland Investments, the challenge for landlords and retailers today is to figure out how the consumer thinks. This is complicated by the retirement of the Baby Boomer generation and the rise of the Millenials, currently in their 20’s and early 30’s, who are driving retail changes related to technology and omni-channel shopping. Read More
Over the past five years, we’ve seen health care become an increasingly significant component of retail leasing, a trend Admiral mentioned in our November retail market report. This change is tied not only to changing spending patterns relating to the aging and retirement of the Baby Boomers, but also to the still-evolving effects of The Affordable Health Care Act. Health care tenants have the added benefit of bringing significant pedestrian traffic and consumer dollars to neighboring retailers. Read More
This general overview of the retail market in the Westchester County and Fairfield County is the first in a series of reports which will explore trends, changes and opportunities in retail and how those trends are affecting real estate use and investment.
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The Internet gold rush was in full swing in 1997. Early adopters invested the time to dig deep for valuable data online, and put that information to work. As time went on, the data became both larger and richer. When we formed Admiral Real Estate Services that year, it was clear the new connectivity to research data of all kinds would be as important as the traditional assets and skills of commercial real estate brokers. Read More
