It was a standing room only crowd of over 80 attendees for Velocity Retail Group’s 2019 Retail Forecast event. Shopping center owners, developers, investors and retailers came to hear firsthand the state of the retail market in Phoenix and what is trending with retailers this year and into the future.
Darren Pitts, Brian Gast, and Brian Harpel provided insights and clarity on development trends. Dave Cheatham provided the forecast and outlook for the retail market in Metro Phoenix, which included an in-depth look at the glut of vacant big boxes that affects every trade area throughout the Phoenix market. Dave also provided insight into the evolution of the retail industry as omnichannel strategies are being incorporated at every level for most retailers. He introduced the “New Retail Formula” for retailers that include four distinct channels to interact with customers, which are:
1. Traditional shopping in a store
2. Delivery to the front door (e-commerce)
3. BOPIS – Buy online and pick up in store
4. Drive-thru or curbside pick up
By implementing this formula retailers and restaurants are rapidly advancing this new model. The group learned that it is no longer about brick-and-mortar or online. It is about excelling with the New Retail Formula. Retailers that are continually improving their omnichannel abilities will be reaping the rewards for years to come.
Following the forecast portion of the program, Chris Brozina, CEO of Mark Taylor Companies and Ryan Brault, Regional Director for Metrostudy provided new insights into the multifamily and residential markets – both of which can impact shopping center and retailer growth. These presentations helped tie all of the information together for the attendees.
For more information about Velocity Retail Group’s 2019 Retail Forecast, contact Bonnie Arlia to receive your own copy of the Market Report publication. (ba@velocityretail.com)