RETAIL CONFERENCE 2018: CONSUMERS HAVE TAKEN CONTROL
A huge shift in consumer attitude and behaviour is challenging the retail sector to respond in ways not known before. We are now entering the age of the empowered consumer and the ability to get what we want, when we want it, where we want it. To put it simply, consumers have taken control.
These were the wise words of Caroline Viney, Executive General Manager of Development at Vicinity Centres, speaking at the Property Council WA 2018 Retail Conference last month.
Caroline Viney told the conference that our centres will have to adapt to the rising demands of consumers or risk falling behind.
“Centres that were once suburban have now become hubs or metropolitan activity centres, significantly changing the roles that centres play and that they can play in their communities” Ms Viney said.
“Today’s consumer is always connected and at the same time, time-starved. As boundaries blur people are seeking out hyper-convenience, opportunities to multi-task, relaxation and authentic social connection,
“The retail centre of the past is perceived to be less convenient, mono-dimensional, stressful, generic and has become a much less appealing destination,
“In amongst this is an evolving retail landscape, where heightened competition is simply the new norm. Our retail centres are competing with all the activities where people can spend time and spend money.
“In Australia, we have more bricks and mortar capital than almost any other country. International fast fashion retailers are increasing their market share. We’ve seen more competition from online, but also and I think more importantly, more choices for how people spend their time and money.
“Our centres are competing for the time and dollar with other shopping channels, restaurants, tourist attractions and entertainment choices.
“The shopping centre paradigm has shifted, consumers are demanding experience, or in the words of Mackenzie: ‘A storm of global trends are coming together at the same time to cause malls to change the role they play in people’s lives.’
No longer are they primarily about shopping, now when consumers visit malls they are looking for experiences that go well beyond traditional shopping. The old model retailers and brands had the power – in the new model the consumer has the power and the mall is an experience.” said Ms Viney.
Other speakers at the conference included: Jim Tsagalis – Managing Director at Lease Equity, Damon Dimitrijevic – Development Executive at Scentre Group, Malcom Reed – Regional Asset Manager at Lendlease, Tim Connoley – Director at Urbis, Ray Haeren – Regional Director at Urbis, Roy Gruenpeter – General Manager of Development at Scentre Group, Jen Low – Director at Ohlo Studio, Meg Coffey – Managing Director at Coffey & Tea, Rod Gallagher – Partner at Deloitte, Iain Freeman – Partner at Lavan, Darryll Ashworth – CEO at Metier and Kristi Clarke – Media Coordinator at MRA.
For more information on the 2018 Retail Conference program please contact Carla Flamenco on 9426 1200.