Commercial Construction & Renovation

MAR-APR 2016

Commercial Construction & Renovation helps our subscribers design, build and maintain better commercial facilities by delivering content to meet the information needs of today's high-level executives.

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13 MARCH : APRIL 2016 — COMMERCIAL CONSTRUCTION & RENOVATION The quest for experiences Report shines new light on the future of retailing V intage clothing clubs. Discounts for recycling old clothes and shoes. Rented party dresses selected via virtual-reality devices. Welcome to retail's future. According to recent survey from shopping center developer Westfeld Group, "rental retail" models and the quest for experiences are trends likely to drive changes at stores and shopping centers in the coming years. The study was intended to "identify transforma- tional consumer trends that will shape future success for retailers." The report shows that Millennials – consumers born between 1982 and 2004 – are called the "Generation Rent," and that about one-third surveyed said they would like to have the option to rent from their favorite stores – twice the percentage of the general population. Millennials and older consumers also want stores to offer learning experiences, such as cooking classes or ftness classes, or clubs and activities, the study showed. The report was based on online surveys completed by more than 13,000 consumers in the United States and the United King- dom, as well as in-person interviews with shoppers in stores, and interviews with retail and design experts. CIRCLE NO. 9 CIRCLE NO. 10

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