Using experience and e-commerce integration

LAS VEGAS — As retail continues to evolve, industry experts Chris Hake, senior vice president, southwest regional director, and Ryan Menard, vice president of development at Thompson Thrift, share insights on the trends shaping the rest of 2024 as events unfold this week’s ICSC Conference in Las Vegas.

According to GlobeSt.com, experiential retail remains the dominant trend. Hake sees continued demand for designs that offer immersive experiences and mixed-use elements. “We see demand for spaces that go beyond just transactions; consumers want unforgettable experiences,” says Hake. Hoping for reductions in construction costs and lower interest rates, 2024 promises to be a year of more ambitious, experience-based projects.

Local flavor and dynamic spaces

Menard emphasizes the importance of local and regional restaurant concepts in mixed-use developments. “These concepts not only enhance the overall atmosphere, but also serve as quasi-anchors,” Menard explains. Thompson Thrift’s focus on dynamic, mixed-use developments aligns with the growing demand for unique dining experiences and community-focused spaces. As consumers seek authenticity and variety, the growth of local restaurants is revitalizing retail outlets.

E-commerce integration streamlines brick-and-mortar retail

They noted that despite the growth of e-commerce, brick-and-mortar retail remains vibrant, driven by strategic integration with online platforms. “Retailers need to strike a balance between physical storefronts and an effective online presence,” says Hake. Highlighting the symbiotic relationship between e-commerce and brick-and-mortar retail, Menard highlights how a robust online platform enhances traditional retail concepts. Instead of being adversaries, online stores and brick-and-mortar stores complement each other, driving expansion and customer engagement.

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