5 Takeaways from “The Value of Brick & Mortar – A Walking Tour of The SoNo Collection”

The latest installment of Brookfield Properties’ Voice of the Retail Revolution webinar series offers a new take on the state of retail.

Amid today’s rapidly evolving retail environment, Brookfield Properties has partnered with leaders and thinkers in the retail industry to find out what brands need to do to stay relevant and how brick-and-mortar can support a modern retail experience.

In our most recent Voice of the Retail Revolution webinar, “The Value of Brick & Mortar - A Walking Tour of The SoNo Collection,” Stacey Widlitz, a leading global consumer expert and founder of SW Retail Advisors, chats with Meredith Darnall, SVP, Business Intelligence & Strategy at Brookfield Properties, about emerging retail trends. As they take a walk through The SoNo Collection, Brookfield Properties’ new upscale shopping and community destination in Norwalk, Connecticut, Widlitz and Darnall look at the opportunities that lie ahead.

“Collaboration helps everybody increase engagement. It adds touchpoints — one plus one equals three. Successful brands work together to build business.”

- Stacey Widlitz, founder of SW Retail Advisors

1. Brick-and-mortar grows brands

Brands that have achieved early success with online-only models are increasingly coming to brick-and-mortar because they understand the value of having a physical presence. “It’s not taking away from e-commerce, in fact opening a store expands the brand locally,” Darnell said. “Stores allow brands to escalate their scale by driving customer acquisition. Bringing customers into the store, letting them touch the product, and offering them extended services drives their engagement with the brand. Space is back! The value of physical retail and its relevance to consumers continues to shape the mall of the future.”

2. Collaboration creates value

Gone are the days of brands looking at each other as competitors — savvy brands see each other as partners who can help each other instead. “Everybody is teaming up to survive,” Widlitz said. “Target has partnered with Ulta and Kohl’s has partnered with Sephora. Collaboration helps everybody increase engagement. It adds touchpoints — one plus one equals three. Successful brand work together to build business.

3. Experiences drive traffic

The way to drive traffic in both malls and stores is to create unique, standout experiences for customers. “Experiences create an emotional engagement,” Darnall explained. “It’s important to drive people into stores for reasons other than just shopping.” From holiday-themed events, art installations, and theatrical experiential concepts, the modern-day shopping center is evolving into an entertainment venue that enriches local communities. And successful brands are experimenting with innovative ways to turn their own stores into memorable, Instagram-worthy experiences.

4. Old-school brands can evolve

Old-school retailers can and do find success when they embrace brand new thinking, according to Widlitz. “For example, Macy’s has an important credit card business, but they recognize the younger demographic doesn’t want anything to do with old school credit cards. As a result of integrating Buy Now Pay Later, their new customers are up almost 30 percent. It took a pandemic for many brands to say, ‘we’ve ripped up the old school playbook’.”

5. Authenticity and inclusivity build trust

Brands that understand and deliver what their customers really want are finding the most success right now. “Aerie has the longest lines in the mall and there’s a reason for that,” Widlitz said. “They were the first to really embrace inclusivity and real women’s bodies and encourage women to feel good about themselves. They understand it’s all about making women feel special and part of a team. This is how you build lifelong customers.”

Interested in staying in touch? Connect with us!