June 01, 2022

How Retail Has Grown into a Hospitality Business with Garrick Brown, Director of Advisory Services and Business Development at Lockehouse Retail Group

48 minutes

This episode features an interview with Garrick Brown, Director of Advisory Services and Business Development at Lockehouse Retail Group. Garrick is one of the United States’ leading retail real estate analysts. On this episode, Garrick discusses why he thinks the retail apocalypse is over, how retail has grown into a hospitality business, and why consumer expectations are higher than ever.

“Ultimately retail is kind of a hospitality business nowadays. It's so difficult to deliver on all three of my big motivators, which are: value, convenience, and experience. But we are now in the experience economy fully. And if you want to survive, it's so critical that you know that the experience is what builds your brand. It's what builds loyalty. And it impacts every single part of your store from operations to maintenance, to service. And it's so critical that everyone on your team from the buyers to the warehouse guys understand that is your basic credo.” - Garrick Brown

Time Stamps

*(0:14) About Garrick

*(1:26) How Garrick’s career has evolved

*(7:50) The Retail Apocalypse is over

*(14:25) Segment 2: Across the Goal Line

*(16:09) The three reasons customers come to stores

*(21:56) Garrick’s view on the role of facilities

*(28:50) The economics behind facilities

*(30:18) Segment 3: How We Do It

*(33:50) Talkin’ Tech

*(40:12) Segment 3: Future Forward

*(42:40) COVID related shifts

*(46:18) Garrick’s advice for thriving in retail

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