{"id":1004284145,"date":"2018-12-05T21:28:00","date_gmt":"2018-12-06T05:28:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004284145"},"modified":"2022-12-07T08:07:23","modified_gmt":"2022-12-07T16:07:23","slug":"tackling-online-retails-myths-and-realities","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/tackling-online-retails-myths-and-realities\/","title":{"rendered":"Tackling Online Retail\u2019s Myths and Realities"},"content":{"rendered":"<p>By Paul Rosta<\/p>\n<div id=\"attachment_1004284148\" style=\"width: 310px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004284148\" data-attachment-id=\"1004284148\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/tackling-online-retails-myths-and-realities\/icsc-1_dec51196x673\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/ICSC-1_Dec51196x673-e1544071730686.jpg\" data-orig-size=\"801,618\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"ICSC 1_Dec51196x673\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Tom McGee&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/ICSC-1_Dec51196x673-e1544071730686.jpg?w=801\" class=\"wp-image-1004284148 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/ICSC-1_Dec51196x673-e1544071730686.jpg\" alt=\"\" width=\"300\" height=\"231\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/ICSC-1_Dec51196x673-e1544071730686.jpg 801w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/ICSC-1_Dec51196x673-e1544071730686.jpg?resize=300,231 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/ICSC-1_Dec51196x673-e1544071730686.jpg?resize=768,593 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><p id=\"caption-attachment-1004284148\" class=\"wp-caption-text\">Tom McGee<\/p><\/div>\n<p>Dispelling the myths about brick-and-mortar retail and its online counterpart dominated the keynote addresses on Wednesday at the International Council of Shopping Centers&#8217;&nbsp; annual New York Deal Making event.&nbsp;<\/p>\n<p>Addressing an audience at the Javits Center in Midtown Manhattan, ICSC President &amp; CEO Tom McGee categorically rejected the much-hyped notion a retail apocalypse. Instead, he countered with a bold statement: \u201cI think we\u2019re in the midst of the rebirth\u201d of the retail real estate sector.&nbsp;<\/p>\n<p>&nbsp;\u201cThe Halo Effect,\u201d an ICSC study, is the first to demonstrate the synergy between online sales and brick-and-mortar retail, McGee said.&nbsp;\u201cThe point (of the new report) is to suggest that it\u2019s not the cause of all change in our industry,\u201d he noted. In 2017, 88 percent of retail customers shopped at stores with a physical presence. By contrast pure-play online retail accounted for only 5 percent of total retail sales.<\/p>\n<p>Among other findings, the study concluded:<\/p>\n<ul>\n<li>A retailer\u2019s share of web traffic in a geographic market rises 27 percent when a new store opens.<\/li>\n<li>Web traffic jumps 45 percent after a brand less than 10 years old opens a store.<\/li>\n<li>Store closings are also associated with a decline in Web traffic\u201477 percent in the case of one retailer.<\/li>\n<li>Increasing the number of brick-and-mortar stores in a given market by as little as 5 percent \u201chas a significant impact on digital engagement and retail web traffic.\u201d<\/li>\n<\/ul>\n<p>Addressing the question of the holiday retail outlook, McGee stated, \u201cWe expect this to be an exceptionally strong season.\u201d ICSC is projecting a 4.5 percent year-over-year increase in holiday sales. Black Friday shoppers numbered about 150 million, a slight uptick from 2017 he said.<\/p>\n<h2><strong>Getting Beyond Binary<\/strong><\/h2>\n<p>The theme of brick-and-mortar&#8217;s future in the digital age was picked up by the keynote speaker, the retail futurist Doug Stephens. In a wide-ranging, nearly hour-long talk, Stephens explored the role of Amazon, the store of the future and what will constitute the most effective strategy for engagement.<\/p>\n<p>\u201cThe question that everyone in this industry should be asking themselves is, &#8216;What is the purpose of a store?&#8217;\u201d He disputed the binary, either-or view of online and brick-and-mortar retail.<\/p>\n<div id=\"attachment_1004284151\" style=\"width: 310px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004284151\" data-attachment-id=\"1004284151\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/tackling-online-retails-myths-and-realities\/icsc2_dec5_1129x635\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/icsc2_Dec5_1129x635-e1544072207557.jpg\" data-orig-size=\"798,626\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"icsc2_Dec5_1129x635\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/icsc2_Dec5_1129x635-e1544072207557.jpg?w=798\" class=\"wp-image-1004284151 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/icsc2_Dec5_1129x635-e1544072207557.jpg\" alt=\"\" width=\"300\" height=\"235\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/icsc2_Dec5_1129x635-e1544072207557.jpg 798w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/icsc2_Dec5_1129x635-e1544072207557.jpg?resize=300,235 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/icsc2_Dec5_1129x635-e1544072207557.jpg?resize=768,602 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><p id=\"caption-attachment-1004284151\" class=\"wp-caption-text\">Doug Stephens<\/p><\/div>\n<p>But he also argued that the true nature of experiential retail is widely misunderstood. Common qualities include customer engagement, inspiration, theatrical presentation and surprise. He cited a Gucci&nbsp; store in Italy that charges for admission to attractions on the second third floors, and a Nike store on Melrose Avenue in Los Angeles that is activated by membership in Nike\u2019s runner\u2019s club.<\/p>\n<p>Moreover, Amazon is only the end of the beginning when it comes to technology in retail real estate. \u201cWe\u2019re sitting on the cusp of three or four technologies that are going to rocket e-commerce to an unimaginable level,\u201d he said. On the horizon are products that automatically re-order supplies; Walmart\u2019s planned prototype for an in-house store that Stephens compared to \u201ca mini-bar on steroids;\u201d and a virtual reality platform allowing customers to place prospective purchases in a digital version of their homes.<\/p>\n<p>Above all, he urged audience members to not fear the prospect of new strategies, citing the maxim: \u201cIf you\u2019re not failing, you\u2019re not innovating.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ICSC\u2019s leader and a retail futurist urge a closer look at the link between bricks and clicks.<\/p>\n","protected":false},"author":445,"featured_media":1004284148,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[23891,21742,21749],"tags":[],"class_list":["post-1004284145","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","category-latest","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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