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Customer experiences over retail spending?

It has been known for some time that customers are looking for an “experience” when they visit retail shopping centres and as a result, landlords are looking at ways to interact with the consumer in more creative ways. 

Further to this, and as quoted in an Inside Retail article, CommSec Chief economist Craig James said that a recent survey of consumer spending shows that Australian’s are happy to spend, but they are choosing experiences over tangible goods. 

If this is true, then where does it leave retailers and landlords of neighbourhood and sub-regional centres ? 

“At CRS Property, we are well aware that there has been a shift away from tangible purchases and a move to more experience based spending” said Lincoln McConnell-Brown, Senior Principal and Head of Asset Management for CRS Property.  “Our marketing team has been working closely with our retail tenants to ensure that we deliver an ongoing customer experience – a real reason for coming to our centres that goes beyond the usual non-discretionary spend.” he added. 

Today, landlords need to be aware that the allocation of space to “pop up experiences” is key to attracting and maintaining customer interest in a centre and giving them reasons to keep coming back.  

Mr. McConnell-Brown further added that bringing customers to a centre and providing them with a positive experience will lead to an increase in dwell time and ultimately an increase retail spending. 

For further information as to how CRS Property can help drive customers to your retail asset, please contact our office for a confidential discussion.

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