On June 18, 2017, BISNOW featured an article entitle “Is Retail Really ‘F*cked’? 28 Global CRE Leaders Speak Out“. The article poses the question of the future of retail real estate and if brick-and-mortor retail stores are dying. In this article, BISNOW reached out to 28 Commercial Real Estate leaders. They asked MILLER WALKER Retail Real Estate’s very own Bill Miller his thoughts on the topic. Read his comments below.
NAME: Biller Miller
COMPANY: Miller Walker
CITY: Washington, D.C.
Brick-and-mortar retail is changing just like almost every business sector due to the internet. No one should find that alarming or shocking. We have seen it coming for years at this point. Simply put, what people are leaving home to buy is changing, but people are certainly leaving home and spending money.
They are prepared to leave home for food, grocery, fast casual and full service dining, they also are looking for experiential entertainment experiences, like Artechouse. It is a brave new world our industry is entering, but one of many that are changing so fast it is hard to fathom: self-driving cars, homes controlled by voice recognition, etc. We aren’t the only industry that has to be on its toes about what the future will bring. I believe it will be an opportunity for retailers and developers that are nimble and are smart about watching how all of our habits are changing. We will always leave home to spend money, but our industry needs to create places and reasons for people to do so.