Sell for More Trivia is a weekly blog series that playfully presents a trivia question about commercial real estate.
Unified Commerce is the new catch phrase for omni-channel retail. Meaning, selling to consumers wherever they want to buy…in store, online, mobile, etc.
Many believe we’re only in the early stages of the most profound evolution in retailing in about a century…that of unified commerce. It’s expected that the successful retailers in the coming years will follow a customer’s journey across channels as they research, shop and purchase so as to fulfill customer expectations for a personalized and seamless experience.
In fact, stores don’t all need to “store” anymore. And many of them won’t in the future. The emerging phenomenon of the Display Only Retail Environment (DORE) is only one of the new-breed of retail concepts. Stores like Bonobos, Nordstrom Local, and the latest inventory-less Ikea are further blurring the line between online and offline.
Retail has a new engine, it’s bigger than the store, but it won’t entirely replace it either. Take for example, the newest project by the country’s largest mall owner Simon. It’s an online shopping platform called ShopPremiumOutlets.com. Yes, the most influential mall owner is itself going online.
The plan is that the brands and retailers will manage their own product pages and offerings, and shoppers will be able to consummate a sale on the site. Simon will take a commission on the sales. Initial press coverage suggests the marketplace will feature 2,000 brands with more than 300,000 products, all with discounts up to 65%. Interesting idea.
Breaking barriers is not new to Simon, they have always been on the forefront of pioneering new retail frontiers. While ShopPremiumOutlets.com will initially be exclusive to the brands that physically occupy Simon Premium Outlet property, they’ve indicated that they are open to expanding to other brands, as well. Think of it as open-source retailing.
The country is still over-stored and there are still too many retailers operating from a pre-internet playbook. It’s also quite likely that when the 1,300 or so malls that exist today are reduced to 500 or 600, in say the next decade, Simon Property Group will still own and manage the best ones. Simon will be important to follow as the retail business continues to evolve.
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About Beau Beach, CCIM
Beau is a tenacious Commercial Real Estate Broker, author and adoring father of four. His clients appreciate his no-nonsense demeanor and his legendary work ethic.
Beau leads Beachwood which is a commercial real estate broker for sellers in the Nashville, Milwaukee, South Florida and Chicago markets.
He’s the author of the books The 3 Reasons: Why Most Commercial Properties Don’t Sell and True Wealth: What Every Seller Should Know About 1031 Exchanges.
Beau can be reached at 414.324.4938, 615.603.9770, click to schedule a call or Beau@ProwessIRES.com