What is the future of property retail?

Andrew Hoyne shared his retail insights in a talk delivered to the Young Property Professionals (YPP) in Brisbane last month.

With case studies ranging from Hoyne projects to the monumental Markthal in Rotterdam and Britomart in Auckland, Andy took a close look at retail today. Consumers know what they want, he said, but that’s not always enough to get them off the iPad and in store. So how can we bring back vital foot traffic? Retailers must harness the power of technology coupled with the real world. Retail is no longer just about a centre or a store anymore: we need to activate spaces so that they engage people with a sense of retail theatre.

“Retailers need to truly understand the potential of a space, then work to look far beyond what’s been done before” said Andy. “Only then will we create buildings that transcend mediocrity and engage people with intrigue and narrative”.

An intelligent blend of online and bricks and mortar retail can create a truly symbiotic, immersive experience, especially if video footage is included in the mix. The knock-on benefits of technology are also invaluable: interactive technology allows retailers to collect data from anyone who interacts with their brand and measure the success of their products. They can then use this information to quickly realise valuable opportunities for new products, services and revenue, thus making them more effective at engaging their audience.

Early consideration of retail vision can also make a real difference to a mixed-use and residential project. At Hoyne, we regularly encourage developers to execute their retail vision early to support the sales campaign. By adding compelling amenity such as a curated food-and-beverage precinct, developers can create early interest and ultimately increase the commercial success of the project.