The Future of Brick and Mortar in Commercial Retail Space
August 14, 18
With advancements in technology and the internet and the rising popularity of e-commerce, you might feel a bit apprehensive about purchasing or leasing commercial retail space for your business. However, there are a few very clear signs that brick and mortar stores are still the future of retail, so you can continue looking at properties with a little peace of mind.
When you look at some of the biggest e-commerce leaders, all but one of them have a brick and mortar store. Wal-Mart, CVS, and Target, for example, are leaders in retail and have been featured on the Top 100 Retailers list from STORES magazine.
Amazon is also on that list, and they are the only exception to this rule. Although, they do have a few smaller storefronts in very select areas.
Stores Are More Profitable
Brick and mortar stores and commercial retail space are still the heart of the retail industry with sales numbers showing that they can compete with e-commerce stores. A store does not have to worry about packaging and shipping costs and can instead focus on creating a more positive customer experience within their physical store locations.
Millennials Prefer Real Stores
Millennials definitely do spend a lot of their time online. However, it has been found that they still prefer to shop in an actual store, rather than just online. They have a desire for immediate gratification and would rather visit a store to pick up what they want immediately, rather than wait for it to be shipped to them after ordering it online.
Finally, commercial retail space is still going to be very relevant in the future because many business owners are taking the time to interact and engage with their customers on a more personal level and this cannot be done in an online setting.
On the other hand, since e-commerce and mobile shopping is here to stay, then stores should learn to adapt to these changes and integrate them into their own plans. Use mobile applications and mobile shopping as a supplement to the good service and selection you provide in your retail space.
Remember, if you can’t beat them, then join them! Learning to evolve into a multichannel strategy will do nothing but increase your profits, widen your target audience, and put you in a much better position financially.
If you are ready to begin the hunt for your commercial retail space, contact us today! We have just the space you are looking for!