ICSC RECon Recap
June 4, 2019
Every year as spring rolls around, members of our team pack their bags, hop on a plane, and touch down in none other than Las Vegas, Nevada. We’re always eager to make an appearance at International Council of Shopping Centers (ICSC) RECon, a convention that celebrates and connects the retail real estate industry. After three days of creating valuable connections, meeting with brand partners, hearing the latest trends from industry leaders, and presenting our own thought leadership, we’re excited to share our key takeaways from this year’s ICSC RECon:
Mixed-Use was the Talk of the Town
Developers and landlords are continuing to see great return on their work-live-play-shop centers — coupling housing with retail, restaurants, entertainment, grocery, and fitness. The importance of creating experiences was a big part of the conversation as developers are juggling large entertainment venues like bowling lanes and movie theaters with compact urban spaces.
Consumers are Driving Developers’ Strategies
Facing competition from other forms of entertainment, developers are rethinking their retail real estate strategy and turning to a consumer-first focus to determine their target markets and their spending habits — demographics, psychographics, buyer behaviors, spending power, and even how they arrive at shopping centers. There was a lot of talk about using data as well as bolstering websites and social media presence to strengthen connections with customer bases. Stronger connections with end-users opens up a new world for developers, giving them the valuable information needed to strategically offer the right retailers to their consumers.
Convenience is Key
Streetsense directors Tom Frank and Mike Smith, along with CBRE’s Joe Dunlap presented convenience’s impact on retail real estate. Customers are opting for convenience — speedy, cost-effective, reliable, and flexible delivery. With delivery becoming a necessity to compete, retailers are examining how their real estate plays into the delivery supply chain.
Hotels are a Hot Commodity
There’s a lot of excitement from real estate developers surrounding the hospitality industry, including large chains, small boutique hotels, and everything in between. We heard increasing interest in growing the density of hotels in both urban and suburban areas.
Co-Working Is and Continues to Be Big
We’ve seen coworking membership numbers skyrocket over the past five years, so it comes as no surprise to hear from developers that coworking is a major component of future development plans. From expansions of current coworking brands to brand-new businesses sprouting, we’re expecting to see nearly 26,000 coworking spaces worldwide by 2022.
CoStar’s Event Was a Night to Remember
CoStar Group’s party at the Kaos Nightclub in the Palms Casino was the star of our time in Vegas. On Sunday night, the CoStar team pulled off the event of the century with a full-blown concert from the Vegas-born band, Imagine Dragons. Making another big splash at ICSC RECon, CoStar gave away a Tesla Model S filled with $25,000 to one very lucky winner. Maybe that lucky winner will be one of you next year, we’ll see you at ICSC RECon in 2020.
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