Retaliate Highlights 2019

next-generation, mixed-use development, as a series of infrastructure assets; vast land, high accessibility and sizable investment, which meets security protection and energy resilience. “Our drama [in time] is the way we collage experiences together”, says Smith, “think of infrastructure not as a single outcome, but as a value outcome.” Michael Valdsgaard, the brain behind the game-changing Augmented Reality app, IKEA Place, brought us to the online world with his key message: “Take digital seriously”. Setting scenes worthy of a sci-fi movie, Valdsgaard prophesied Artificial Intelligence CEOs, emotionally intelligent tech and shirts which monitor your health. But in a world where the smart phone could become obsolete, and everything is connected, he was resolute that we must consider this change in the way we design, build and lease retail locations now . With the ‘internet of things’ set for exponential growth, he emphasised the differentiators between failure and success could depend on factors like cyber security. He also urged us to make space completely flexible, pre-emptively adding: “I know there’s a lot of legislation, but go lobby!” Gensler’s Retail Leader and Principal, Lara Marrero, captivated the crowd with the latest research on customer behaviour. Marrero explained that Swedish economist and futurologist STEFAN HYTTFORS urges greater appreciation of youth culture. “Young people don’t worry about store closures – they worry about plastic in oceans, the disappearing rainforest and people dying from air pollution,” he says. And he has a clear take on disruption: “You don’t get disrupted because you’re bad. It’s the opposite: it's because you’re the best,” he points out. RETAILIATE SPEAKERS… IN 60 SECONDS Fresh ideas and thought- provoking insights aplenty Infrastructure specialist and Director at Arup London, MALCOLM SMITH , championed the renaissance of “walkability” and the corresponding importance of collaging uses within 7 minutes’ walk. “It’s no longer enough to think about places as disconnected and individual. Successful destinations engage with their surrounding areas, providing multiple choice. This diversifies the people who choose to go there and diversifies the way it is understood.” LARA MARRERO , Strategy Director at Gensler and consumerism expert, looks beyond the current disruption in the retail marketplace, towards a future populated by ‘high velocity consumers.’ She explains: “People want to be valued,” and that means designing retail spaces that push people and social interactions to the fore (rather than hi-tech gadgetry). She emphasises: “Three-quarters of consumers want more human interaction, not less.” Retail property professionals shouldn’t be panicked by the introduction of new forms of technology into their workspace, counsels MICHAEL VALDSGAARD , former Senior VP Digital Development at IKEA, as they have time to adapt. But, he adds, future success will most likely come to those who willingly embrace emerging concepts like artificial intelligence. He advises: “It’s already here, so get used to working with it.” "You don’t get disrupted because you’re bad. It’s the opposite: it's because you’re the best" the underlying restriction on today’s consumer is time. Being time-poor polarises their shopping experiences into two distinct modes: ‘retail fast’ and ‘retail slow’. “Retail fast,” Marrero clarified, “is the stuff you know you want, when you want it and you can just go online and grab it”. In this task-focused pursuit, the time-poor consumer values their time with speed and no queues. Marrero emphasised the key to success in this mode is making experiences entirely frictionless, which has been the drive behind much of the retail disruption we have seen to date. In contrast, ‘retail slow’ values time through meaning. “When the customer has chosen to be with you, it’s about how you are maximising the relationship you are creating with them in that space.” In what Marrero described as “the age of belonging”, today’s time-poor consumer is using ‘retail slow’ mode to fulfil their need for discovery, aspiration, entertainment or to be social, and Marrero evidenced that targeting these shopper intentions in a store will generate the best sales conversions. To help corral the ideas of our speakers into what it might mean to the audience, retailiate concluded with an exclusive preview of our latest retail research project, The Future of Retail Space, presented by Head of Out of Town Investment, Justin Houlihan and National Leasing Partner, Emma Williams (see page 4 for more information). One clear theme connected the presentations despite their varied topics: change. Whether it’s recycling and upcycling, or the pace of technology adoption; the role of the store, occupiers, investors, developers and landlords alike are evolving. There is no better time than right now, to retailiate . “Our drama [in time] is the way we collage experiences together... think of infrastructure not as a single outcome, but as a value outcome.” EMMA WILLIAMS JUSTIN HOULIHAN 02 03 CUSHMAN & WAKEFIELD RETAILIATE