Shopping Centers Today International

NOV 2015

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

Issue link:

Contents of this Issue


Page 7 of 59

Millennials, young parents embrace mobile wallets Mobile wallets are changing how Millennial consumers use stores and shopping centers, and the commercial real estate industry should capitalize on the trend, according to a report from Coldwell Banker Commercial Affiliates. The real estate advisory network surveyed 2,000 Americans about their shopping habits and found that despite the growing popularity of e-commerce, a large subset of the population continues to prefer the in-store shopping experience. "Shoppers still value the traditional in-person experi- ence but expect efficiency and expediency," said Fred Schmidt, president and COO of Coldwell Banker Commercial Affiliates, in a press release. "These gen- erational trends help paint a clearer picture for com- mercial real estate of where warehousing and inventory space may be headed, as well as how traditional re- tail space is evolving." Overall, 69 percent of the respon- dents said they prefer to make their purchases in a store. About 72 percent of Millennials (ages 18–34), said they prefer shopping in a store, compared to 65 percent of Gen Xers (ages 35–49) and 68 percent of baby boomers (ages 50–69). Among respondents, Mil- lennials said they are much more likely (73 percent) than other generations to enjoy the experience of being in a store or mall, compared with 58 per- cent of Gen- Xers and just 48 percent of boomers. While the concept of mo- bile wallets is still something of a novelty, Millennials and parents of young children are more open to embrac- ing this type of technology, according to the survey. One in three Millennial respondents said they agree that making purchases with a mobile wallet (e.g., Apple Pay, Google Wallet, Visa PayWave) is important to them, compared with only 21 percent of the total respondents. Similarly, re- spondents who are parents with children under 18 living in their household said they are nearly twice as likely to feel that making purchases with a mobile wal- let is important: 33 percent of parent respondents com- pared with just 17 percent of nonparent respondents. As Millennials and par- ents demand the simplicity and speed of mobile pay- ments, brick-and-mortar re- tailers can redefine the space and experience of their stores by moving — or even removing — cash registers, shortening checkout lines and satisfying this shift in demand, Schmidt says. Simon launched Simon Said, a lifestyle-focused digital platform that delivers editorial content on fashion, beauty, design, culture and food trends that links back to offerings available at Simon shopping centers around the U.S. Simon Said will tap influenc- ers, bloggers and retail partners to create original content featur- ing products and offerings, all available at Simon centers. The site will feature curated lists of these tastemakers' favorite things of the moment — from clothing and accessories, to home decor and food. Simon's new lifestyle app drives mall traffic 8 S C T / N O V E M B E R 2 0 1 5 T H E C O M M O N A R E A The world's best public library is in a Swedish mall, accord- ing to the International Federation of Library Associations and Institutions. The group named the library at landlord Citycon's Kista Galleria mall, in Stockholm, Public Library of the Year for 2015. The library moved into the mall in 2014. Since then, visits have increased 300 percent and book loans have doubled. Kista Galleria has, in turn, grown stronger as a meeting place ever since the library moved in, says Magnus Åkesson, commercial director at Citycon. The 1 million-square-foot center is anchored by ICA, Coop, Åhlens, New Yorker and H&M. READING IS FUNDAMENTAL

Articles in this issue

Archives of this issue

view archives of Shopping Centers Today International - NOV 2015