Placemaking

CBRE Identifies 22 Centers Across Globe As Prime Example Of Growing Trend Of Retail Placemaking

Posted on 12.6.16 by Kim McClellan in Industry Education, Market Insight, News & Trends

Effective Retail Places Use Leisure, Technology, Planning To Lure Shoppers, Who Now Want Shopping To Be Both Functional, Social

Los Angeles – Dec. 6, 2016 CBRE Group, Inc., today released a report defining retail’s role in the growing trend of placemaking, as retail centers across the globe strive to create environments that attract shoppers and keep them returning amid the expanding culture of online shopping. The CBRE report spotlights 22 retail centers across the globe that illustrate the varied ways in which retail owners and occupants are creating unique consumer experiences today.

CBRE outlines in the report several components common to well-crafted retail places, of which a prime, still-unfolding example is addition of technology into the experience of shopping.

For example, Hong Kong’s Yoho Mall offers apps to help shoppers find parking spaces, sign onto restaurants’ wait lists and obtain instant coupons from the mall’s stores. The Val D’Europe Shopping Center in France provides digital totems and interactive kiosks to guide shoppers through the property. The DLF Mall of India in New Delhi offers digital video walls, free wifi and way-finder apps.

Overall, retail plays a critical role in placemaking in that stores, restaurants and entertainment venues contribute substantially to creating a property’s environment and the experiences that visitors have within it. Such placemaking now is essential for retail developers and investors as shoppers want their excursions to be both functional and social.

“Great retail placemaking isn’t limited to one country or one continent,” said Anthony Buono, Chairman of CBRE’s Global Retail Executive Committee. “From the eclectic mix of local eateries in New York’s Chelsea Market to the technological amenities of Hong Kong’s Yoho Mall and the leisure and entertainment options at London’s Spitalfields market, best practices in retail placemaking are applicable globally. These lessons are vital to learn as e-commerce changes shopping habits.”

CBRE researchers selected the report’s highlighted properties by considering those established among the best in their region and that include at least one of five key components that CBRE identifies as critical for placemaking:

  • Leisure elements such as restaurants, bars, theaters, sports facilities or scheduled events.
  • Incorporation of technology such as social media and online sales as well as tools such as public wifi, parking apps and the like.
  • Consideration for sustainability and well being for tenants and visitors.
  • A focus on vertical, multistory retail, most often in urban environments.
  • And a strong master plan for seamlessly combining varied uses in one property.

The report describes the placemaking advantages of seven properties in the Americas: New York’s Chelsea Market, Los Angeles’ Runway at Playa Vista, San Francisco’s Ghirardelli Square, San Antonio’s Pearl District, the Miami Design District, Toronto’s Distillery District and Lima Larcomar in Lima, Peru.

The report’s other examples range from globally known properties such as the Dubai Mall in the United Arab Emirates to emerging projects such as Stockholm’s Mall of Scandinavia district.

To view the report, click here.

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