CINCINNATI--(BUSINESS WIRE)--Phillips Edison & Company (the “Company” or “Phillips Edison”), a fully integrated real estate firm with a national platform of grocery-anchored shopping centers, releases its industry insights on trending themes to be aware of at ICSC’s RECon event in Las Vegas this week. The insights were produced by The Company’s emerging trends team, led by Michael Conway, Vice President of National Accounts and Retention for Phillips Edison.
As the face of retail continues to evolve, Mr. Conway and his team, who tracks emerging retail trends, attracts and retains new merchant relationships and fosters existing retailer relationships, believe there is tremendous opportunity for out-of-the-box concepts and creative retail strategies.
“The retail industry at large continues to step-up their game,” said Mr. Conway. “Ecommerce, ease of delivery have encouraged brick and mortar retailers to innovate and improve their in-store experience.”
The emerging trends team has identified a number of retail concepts that are breaking out this year. Here are the most promising and significant developments of note:
- Grocery Technology – Grocery delivery programs, “click and pick” options and prepared meals are examples of how traditional grocers like Kroger and Publix have adapted and responded to consumer needs and also help compete against concepts like Blue Apron, Plated and Hello Fresh. Grocerants and restaurants within grocery stores are also becoming more prevalent.
- Clicks to Bricks – Showrooms like Bonobos, Rent the Runway, BaubleBar, and Gap’s Athleta, will continue to emerge as online retailers find it as a way to achieve growth through brick and mortar locations. Even online power players like Google and Amazon are jumping on this trend with the opening of bookstores and grocery stores in metro areas.
- Personal Fitness – As the trend of group fitness continues to grow, more studios like CycleBar, Soul Cycle, Core Power Yoga, Orange Theory Fitness, Pure Barre and Club Pilates will continue to add to our tenant mix and infiltrate shopping centers as an experiential retailer.
- Health Conscious Fast Casual Restaurants – Quick service restaurant options are getting healthier and trendier with salad concepts like Grabbagreen, Chopt and organic/fresh ingredients options like Core Life Eatery, sweetgreen, BibibBob, Taziki’s and Newks.
- Food Halls – By 2020, it is expected that there will be 200 Food Halls in the U.S., which is more than double the number we have today. Millennials and the foodie culture have fueled this concept, so we will continue to see the planning and development of these projects. Eataly, the leading food hall developer, has 35 locations alone and plans for several additional food halls in the coming years.
Retailers and landlords alike are responding to consumers’ need for experience by blurring the lines between experience, retail, and restaurants. Shopping centers are becoming a social arena where shoppers can eat, drink, socialize and shop. “There’s a good chance that the shopping center as we know it will look completely different ten years from now,” added Mr. Conway. “We all have to continue to adapt; when you have an innovative mind-set new ideas come to light. It’s a pivotal time for the industry and we feel lucky to be a part of its evolution.”
For more insight from the emerging trends team, visit Phillips Edison’s booth (S233 Q Street, South Hall) this week at RECon in Las Vegas and connect with the Company’s on Instagram, Twitter and LinkedIn.
About Phillips Edison & Company (PECO)
Since 1991, Phillips Edison & Company has focused on the grocery-anchored shopping center sector. The Company has a fully integrated in-house operating platform built on market leading expertise designed to optimize property value and consistently deliver a great shopping experience. Led by a veteran management team, Phillips Edison’s operating platform provides retail services including acquisition, redevelopment, leasing and management of grocery-anchored retail centers. The Company’s portfolio currently includes a national footprint of retail properties. The Company has corporate offices in Cincinnati, Salt Lake City, New York City and Atlanta. For more information, please visit www.phillipsedison.com or connect with us on LinkedIn.