A new report by Colliers reveals a rising demand from consumers for experiential elements in retail, and highlights the opportunities in retailtainment.
In 2006, 76.3% of spending by those under age 25 was with traditional retailers. In 2016, that figure dropped to 61.2%. This presents a challenge for traditional retailers to attract shoppers. Entertainment options may be the answer.
Colliers International’s latest Retail Spotlight Report states, “For retailers, thinking beyond traditional retail practices to focus on offering true experiences can help strengthen customer traffic and other critical metrics….
“In essence, it is about ensuring that retail goes beyond simply selling products and becomes more immersive and interesting. The evidence shows that where retail locations put these things in place — especially in terms of mixing non-retail offerings with retail — shoppers respond positively in the frequency of visits, the amount of time per visit and spend per visit.
The table below shows the benefits of introducing a retailtainment offering.
Download the full report here.
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