Shopping Centers Today

OCT 2018

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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Page 3 of 59 Editor in Chief EDMUND MANDER +1 646 728 3487 EDITORIAL Executive Editor BRANNON BOSWELL +1 646 728 3488 Art Director PENNY BLATT Copy Chief DAVID S. ORTIZ Copy Editor VALERIE DAVID Contributing Editors MICHAEL BAKER JOEL GROOVER BEN JOHNSON BETH MATTSON-TEIG STEVE MCLINDEN ANNA ROBATON JESSE SERWER ADVERTISING & MARKETING MICHAEL BELLI +1 714 313 1942 SHEILA CHARTON +1 646 728 3545 TERRI KELLY +1 781 709 2412 AMIE LEIBOVITZ +1 773 360 1179 SALLY STEPHENSON +1 847 835 1617 Production Manager DAVID STACKHOUSE +1 646 728 3482 ICSC OFFICERS Chairman VALERIE RICHARDSON, CRX, CLS President and CEO TOM MCGEE Vice Chairman DANIEL B. HURWITZ Past Chairman KENNETH F. BERNSTEIN Treasurer STEFAN FREIBERG For article reprints, call (866) 879-9144 or contact S H O P P I N G C E N T E R S T O D A Y SCT (ISSN 0885-9841) is published monthly. VOLUME 39 ISSUE 10 © 2018, International Council of Shopping Centers, 1221 Avenue of the Americas, New York, NY 10020-1099; phone, +1 (646) 728 3800; fax, +1 732 694 1730. All rights reserved. Periodicals postage paid at New York, N.Y., and additional mailing offices. Sub- scriptions $70 per year; Canada and other foreign $99. Single-copy price $10 (May issue $20). For subscription information call +1 727 784 2000. POSTMASTER: Send address changes to Shopping Centers Today, 1221 Avenue of the Americas, New York, NY 10020-1099. Publications mail agreement No. 41482022, return unde- liverable Canadian addresses to PO Box 503, RPO West Beaver Creek, Richmond Hill ON L4B 4R6. R etail developers are paying close attention to baby boomers, as noted on page 6 ("Senior Opportunity"), and it is easy to see why: Globally, the spending power of the over-60s will reach $15 trillion by 2020, according to A.T. Kearney. „ose 55 and up will generate more than half of all urban consumption growth in developed markets during the next 12 years, according to Euromonitor. In the U.S., consumers age 50 or older now account for more than half of all U.S. spending, according to Visa, and will continue to be a major force in consumer spending over the next decade. This represents a big opportunity for our industry. Twenty-two percent of the world's population will be over 60 by 2050. In the U.S. alone, each day about 10,000 people turn 65 — a trend that will hold up through 2029 — and there has been a steady increase in senior-housing construction starts. Not only are developers bringing retail to residential developments for the elderly, but there are also opportunities to bring senior housing to exist- ing retail centers, as landlords look for ways to repurpose parking lots and vacant big boxes. Retailers too are responding to this opportunity in several ways. As boomers downsize and move to smaller homes in urban areas, retailers are downsizing stores and supermarkets. They are also making stores easier to navigate, with lower shelves, easier-to-read signage, help buttons and wider aisles. The product mix also is being adjusted to serve seniors. For instance, Best Buy recently acquired GreatCall Inc., a provider of health and personal-response technology for the elderly, and J.C. Penney is bringing back private-label brands that have been popular with boomers. Technology also promises to help connect the industry with this import- ant consumer segment. Self-driving vehicles will be a boon to those who no longer wish to drive. In the Phoenix area, Google's Waymo unit has tested self-driving vehicles that can transport people to local stores. Landlords are already planning for a time when fewer people of all ages own their own vehicles, by adding convenient drop-off and pickup areas. It is fitting that no effort is spared to cater to baby boomers, as they are driving the rise in consumer spending. And best of all, boomers like to shop in physical stores: an ICSC Research report in March — Brick-and-Mortar Stores Are Here to Stay — showed that roughly two-thirds of boomers pre- fer shopping in person, more than any other age group. This generation deserves our close attention. Tom McGee ICSC President and CEO A M E S S A G E F R O M T H E P R E S I D E N T Preparing for the boomer boom

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