It is not often that I come away from a major real estate conference or fair in Europe thinking I wish I could have stayed a bit longer.

It is not often that I come away from a major real estate conference or fair in Europe thinking I wish I could have stayed a bit longer.

But Mapic does it for me every time. Truly, it’s not just the stunning backdrop of the Riviera or the almost predictable autumn sunshine that make it my favourite event on the PropertyEU calendar. Mapic is more intimate than Mipim and thanks to its clear focus, planning my interview schedule is a delight rather than a mission impossible.

I wasn’t disappointed this year either. In fact, I came away feeling more than a little contented - and not just because of the copious brunches and lunches – not to mention café gourmands - that I was treated to by some of my charming hosts. No, what has stuck in my mind was a piece of research released at the PropertyEU Investment Briefing on retail trends by Marije Braam-Mesken of CBRE Global Investors.

As an observer, I don’t normally fit into the key target groups that events like Mapic cater to: the retail developers, landlords, leasing agents or retailers. But Marije’s research extends beyond these participants to the key actor in the shopping centre business: the consumer in his or her different guises. Although I normally hate to be pigeon-holed, in this case I am happy to say I belong to at least one of the types she has created.

Marije identifies four emerging types of consumers that will influence how we think about shopping centres going forward: The Shop and Share Girl; The Reboot Man; The Mindful Goddess; and the Forever Young couple. While I do my best to be a Mindful Goddess, I do it with varying success and it is the Forever Young group towards which I gravitate more naturally. I may not quite meet the age category at this point in my life (55+), but I definitely feel and behave as if I have just turned 40. In fact, I plan to do so for as long as I can.

I am by no means alone. Many of the interviewees I met at Mapic who were still in their early 40s readily conceded that they, too, already belonged to this category. We are part of a significant and growing group of people who are no longer acting their age as they get older and who have no intention of retiring quietly. We are down-ageing: acting younger, both physically and mentally.

Marije’s research and my own ad hoc survey show that changing consumer trends are not just about age. There is far more complexity around life stages now than at any other time in our history and people - or shoppers - no longer follow predictable patterns. Certainly in the western world today we see far more diversity in household types and family structures. Income and social class is also much more complex.

As Marije put it in her presentation: ‘A decade ago, it was much easier to predict where people would shop based on their class and income. Today, the old rules do not apply: consumers are shopping at both premium and value ends of the market irrespective of income or social background.’

THE SHOPPING CENTRE IS NOT DEAD
This trend has huge ramifications for the shopping centre industry and will be a key factor in the further development of ecommerce and multi-channelling. We all know that the shopping centre is not dead. A new survey by CBRE has in fact found that close to 80% of international consumers still visit a physical store to buy a product, reflecting the importance of seeing and feeling an item. As Andrew Phipps, head of EMEA retail research and consulting at CBRE, said: ‘The role of the physical store is in many ways more important than ever, it is the essence of the retail brand and should be viewed as the most important element of the overall proposition. Technology and online should be used to get the retail offer to as broad a customer profile as possible but should not be allowed or viewed as a way to change the overall proposition.’

The latest edition of the European Retail Atlas, that ICSC Europe and PropertyEU previewed at this year’s Mapic highlighted a new phase in the evolution of the shopping centre sector. A growing number of shopping centres developed in the last decades have become outdated and are looking the worse for wear. Like ecommerce, this could be perceived as a threat to the industry, but for those who prefer to see the glass as half full rather than half empty, this also presents a huge opportunity. Now that refurbishment, redevelopment and extensions have become the new catchwords, retail landlords are getting a new chance to get it right.

But where do you start? JLL is taking a bet on a greater place for food and beverages. Earlier this week, the adviser announced it is expanding its European Retail & Leisure Consulting team with the acquisition of specialist food and beverage advisers Coverpoint Foodservice Consultants. The transaction will enable JLL to provide comprehensive food and beverage consulting advice to a broad mix of clients across the region, according to James Brown, Head of European Retail & Leisure Research & Consulting.

‘Food and beverage is an offer that is more resilient to the impact of e-commerce and retail polarisation and it adds significant value to user experience in the physical environment,’ Brown noted. The foodservice sector is going through a phenomenal growth phase, added Coverpoint’s Managing Director Jonathan Doughty. ‘Restaurateurs are emerging and expanding and landlords are taking a closer look at how they can improve the food and beverage offer to drive value and experience.’

The number of restaurants and bars has already been increasing steadily in shopping centres across the world and Shop and Share Girls and Forever Young couples are fans of these facilities, according to CBRE Global Investors’ research. There is also a bottom-line reason for retail landlords to embrace the foodservice sector as some of them, like Unibail-Rodamco, are already doing. Shoppers who make use of catering options at retail locations spend 48% more, according to a recent analysis carried out by UK data intelligence company CACI.

In a world where consumers are becoming more unpredictable than ever, that is a comforting statistic.

Judi Seebus
Editor in chief