For our newest podcast, we invited Cushman & Wakefield’s Leslie Mayer, Executive Director; Matthew Fainchtein, Senior Director; and Carter Magnin, Director to chat about retail in Greater LA.
The trio brought plenty of great intel to share, giving fresh insights on trends like experiential retail, the shifting role of brick-and-mortar, and how popular brands give their customers a “lifestyle,” not just a product. They also highlighted the ever-growing use of technology as a tool to harness customer data and drive decisions like site selection.
Our experts say:
- Today’s retailers must convey authenticity and integrity—or risk losing ground to the competition.
- Online sales are just part of the puzzle. People still strongly want the “sense of place” provided by brick-and-mortar.
- Shoppers respond well to mixed-use locations. Great dining, lively common areas, and physical merchandise can all stimulate a sensory experience that feels less like “shopping” and more like a lifestyle.
- The leading retailers are “dialed in” to their core buyers. Rather than try to please everyone, these brands focus on delighting their already-loyal followers.
- Great customer service never goes out of style. Physical stores thrive when they have well trained staff who “get” the product and are passionate about it (think the Apple Store).
Other highlights include:
- How some of the hippest retailers are disrupting more traditional products, such as mattress-seller Casper
- Why one pet-lover always buys their dog food at a shop, not online (hint: it’s all about in-person community)
- How LA’s sprawling geography is spurring the “localization” of retail in Culver City, Downtown LA, and other hotspots