Brad Woods joined AREA to spearhead a new entertainment and experiential retail division in the middle of the pandemic. At a time when this type of retail was uncertain. If you asked him then if we would be where we are today not only thinking through new concepts, but talking to clients about new concepts, he wouldn’t have imagined this would be the case. The trends of people getting back out and getting their feet back on the ground, experiencing things together is on the rise. While this trend is up, there will be a few crucial keys to a successful return to normalcy:
- Indoor and outdoor entertainment venues will be the true sweet spot and a huge growth segment. Think places like Chicken N Pickle, where you can eat and play outside and inside.
- Determining adequate retail floorplan size, while adding in experiential components to bring in traffic and enhance the entire shopping experience. Think of virtual or augmented reality experiences within places like Scheels or Cabela’s.
- Pop-up stores within stores to utilize the retail space potential will be crucial. Think ULTA inside of Target or Starbucks inside of Barnes & Noble.
With the rise of omnichannel purchasing, the consumers’ preferences must be kept in mind. One thing that came of the pandemic was the ease of buying online and picking up curbside or instore. With the rise of BOPIS, retail spaces also need to be set up with adequate space for the return experience.
Overall, the general population is ready to get back to normalcy and get back together; consumers are wanting to be able to see, touch and feel products in person before they purchase. With these factors in play, Woods is confident we will see a brick-and-mortar entertainment & experiential retail renaissance.
To read more about the reawakening of experiential and entertainment retail, click here.