NEW YORK – As the retailing and shopping center sector undertakes one of the most profound and comprehensive transformations in its 60-year history, the International Council of Shopping Centers (ICSC) will be unveiling plans for Envision 2020, a proactive and ongoing initiative that provides developers and retailors a roadmap for the retail marketplace of the 2020’s.
Envision 2020 will mark its official worldwide debut at RECon’s “Envision 2020 Town Hall: Redefining Our Industry” meeting, which will occur from 9:30 to 11:00 a.m., Tuesday, May 19, at the Westgate Hotel in Las Vegas. A dynamic panel of industry experts will analyze and discuss the following eight “Bold Statements,” which define the fundamental changes impacting the retail real estate industry over the next five years.
- Unification of Bricks-and-Mortar and On-Line: positioning shopping centers at the apex of the omni-channel movement, merging integrated digital channels with renewed physical space and cohesive social media strategy.
- Adaptive Mall Environments that Engage Millennials: customized, personalized appeal to important younger market, featuring a diverse tenant and merchandise mix, engaging and free-flowing environment, and modern display and marketing concepts.
- Unprecedented Intimacy with the Consumer: leverage technology to create a customized experience with enhanced customer service initiatives, providing multiple connection and interaction opportunities, location-based services, and compelling in-store environments.
- Accelerated Developer-Retailer Collaboration: restructured relationship into a collaborative partnership, sharing resources, insights, and technologies to maximize consumer engagement.
- Flexible Center Formats Incorporating Distribution Sites: evolution of center into direct-to-consumer distribution steam, embracing a physically, technologically, and legally flexible format that fulfills both bricks-and-mortar and e-commerce demands.
- Conversion of Shopping Centers Into Communities: transformation of traditional center into a community, where retail and entertainment offerings are seamlessly integrated; the lifestyles of respective key demographics are emulated; and an increased range of tenant mix and nontraditional retail components are offered.
- Emergence of a New Blended Rental Model: revaluation of rental model into a flexible system that includes both online and in-store sales, revising how rent is calculated and sales data is reported.
- Arrival of a Retail-Friendly Investment Outlook: lenders will become more knowledgeable and interested in the emerging retail real estate sector, resulting in a higher level of consideration throughout the investment community.
“Envision 2020 is an unprecedented global initiative developed by the ICSC Board of Trustees and designed to help our worldwide membership successfully navigate a pathway through the industry transformation to come,” said Eric Hertz, senior vice president of education at ICSC. “The Envision 2020 Town Hall at RECon will feature a panel of leading authorities on real estate and retailing, and will include an interactive discussion, providing a unique opportunity for ICSC members and RECon attendees to participate in the exciting Envision 2020 process.”
Envision 2020 represents the exclusive collaboration of industry leaders, trend experts, academic authorities and association professionals who have identified and examined key trends that will pave the future of the industry. During a yearlong process, international leadership groups will be canvassed, along with leading academic authorities and ultimately the entire global membership to transition into the new era of retailing.
Founded in 1957, ICSC is the premier global trade association of the shopping center industry. Its more than 70,000 members in over 100 countries include shopping center owners, developers, managers, marketing specialists, investors, retailers and brokers, as well as academics and public officials. For more information, visit www.icsc.org.