CBRE Identifies 22 Centers Across Globe As Prime Examples Of Growing Trend Of Retail Placemaking
Effective Retail Places Use Leisure, Technology, Planning To Lure Shoppers, Who Now Want Shopping To Be Both Functional, Social
Los Angeles – Dec. 6, 2016 – CBRE Group, Inc., today released a report defining retail’s role in the growing trend of placemaking, as retail centers across the globe strive to create environments that attract shoppers and keep them returning amid the expanding culture of online shopping. The CBRE report spotlights 22 retail centers across the globe that illustrate the varied ways in which retail owners and occupants are creating unique consumer experiences today.
CBRE outlines in the report several components common to well-crafted retail places, of which a prime, still-unfolding example is addition of technology into the experience of shopping.
For example, Hong Kong’s Yoho Mall offers apps to help shoppers find parking spaces, sign onto restaurants’ wait lists and obtain instant coupons from the mall’s stores. The Val D’Europe Shopping Center in France provides digital totems and interactive kiosks to guide shoppers through the property. The DLF Mall of India in New Delhi offers digital video walls, free wifi and way-finder apps.
Overall, retail plays a critical role in placemaking in that stores, restaurants and entertainment venues contribute substantially to creating a property’s environment and the experiences that visitors have within it. Such placemaking now is essential for retail developers and investors as shoppers want their excursions to be both functional and social.
“Great retail placemaking isn’t limited to one country or one continent,” said Anthony Buono, Chairman of CBRE’s Global Retail Executive Committee. “From the eclectic mix of local eateries in New York’s Chelsea Market to the technological amenities of Hong Kong’s Yoho Mall and the leisure and entertainment options at London’s Spitalfields market, best practices in retail placemaking are applicable globally. These lessons are vital to learn as e-commerce changes shopping habits.”
CBRE researchers selected the report’s highlighted properties by considering those established among the best in their region and that include at least one of five key components that CBRE identifies as critical for placemaking:
Leisure elements such as restaurants, bars, theaters, sports facilities or scheduled events.
Incorporation of technology such as social media and online sales as well as tools such as public wifi, parking apps and the like.
Consideration for sustainability and well being for tenants and visitors.
A focus on vertical, multistory retail, most often in urban environments.
And a strong master plan for seamlessly combining varied uses in one property.
The report describes the placemaking advantages of seven properties in the Americas: New York’s Chelsea Market, Los Angeles’ Runway at Playa Vista, San Francisco’s Ghirardelli Square, San Antonio’s Pearl District, the Miami Design District, Toronto’s Distillery District and Lima Larcomar in Lima, Peru.
The report’s other examples range from globally known properties such as the Dubai Mall in the United Arab Emirates to emerging projects such as Stockholm’s Mall of Scandinavia district.
To view the report, click here.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
In Ireland, with offices in Dublin and Belfast, CBRE is the country’s largest commercial real estate services company, now employing over 165 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, debt advisory, project management, consultancy, business rates and compulsory purchase, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie/ni.