Real Estate Is Your Business - a real estate technology podcast

023 – Rebecca Fitts of The Wild West of Retail – Apocalypse or Revolution?

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Retail and its effect on real estate…

Rebecca Fitts, Principal Consultant for The Wild West of Retail (a consultancy focusing on non-traditional retail real estate strategies, brick and mortar customer experience and omni-channel solutions in the physical space) joins Thomas Kutzman and Scott Pollack in the MouthMedia Network studios powered by Sennheiser. Presented by Prevu.

In this episode:

  • Is ecommerce causing retauil apolcolypse, or revolution?
  • The many changes going on in retail, surplus of retail real estate, need to find way out of that
  • Figure out way that retailers can handle taking on overhead
  • Digitally native brands opening up physical stores, customers want to have a touch/feel experience with brands
  • How a physical store can help reduce amount of returns
  • How there are no “pure plays” anymore
  • Why physical retailers have harder time moving to ecommerce than ecommerce moving physical
  • Westfield’s World  Trade Center Oculus mall, public/private partnership, commuter hub
  • Downtown redeveloping itself post-9/11 in NYC, a great comeback
  • Mixed use of property, the way cities are growing
  • The changing relationship between tenants and landlord, the difficulty of physical spaces taking long term leases
  • An interest in commuter hubs for brands
  • The need for experiences to be dynamic and changing, and are some physical stores too static to adapt?
  • Retail trying to think in a new and different way
  • Advancements in technology allowing you to reconfigure the store more frequently and easily
  • Virtual reality, augmented reality, and smart mirrors allowing great things to be done in the store to expand experiences
  • How Fitts is outgoing and enjoying being in a field that bounces around and changes
  • The kinds of neighborhoods that are attractive to retailers, being loyal to local merchants
  • Some of Fitts’ favorite jewelry designers

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