This blog is Jenny Mackie (the Director of Acquisitions, Strategy & Growth at LAPMS)’s takeaways in terms of the Future of Retail and Community from the ICSC@Monterey 2024 event.
In a world where community connections are more vital than ever, the landscape of retail and city planning is rapidly evolving. As I reflect on a recent gathering of entrepreneurs, innovators, and retail giants, several key takeaways emerge that signal a profound shift in how we approach business and community development.
Embracing Community-Centric Design. Gone are the days of sprawling big box retailers dominating the suburban landscape. Instead, successful destinations are those that prioritize community needs and foster a sense of belonging. Mixed-use designs that blend residential, commercial, and recreational spaces are becoming the new norm. In the wake of COVID-19, it’s clear that people crave more than just a shopping mall—they seek vibrant hubs where they can live, work, and play.
Balancing Growth with Preservation. While mandated increases in housing offer much-needed relief, they also present challenges. State initiatives often bypass local regulations, expediting housing projects but at the expense of essential community amenities. As cities grapple with rapid development, it’s crucial to strike a balance between growth and preservation, ensuring that residents have access to vital resources like grocery stores, preschools, and retail options.
The Power of Relationships. At the heart of every successful venture lies the power of relationships. Whether you’re a newcomer or a billion-dollar retail giant, fostering connections is key. The gathering showcased a diverse array of entrepreneurs, from artisanal donut makers to billion-dollar public companies, all united by a shared commitment to serving their communities. In an industry where trends come and go, building relationships remains paramount in retail.
Redefining Success in Retail. From humble beginnings to global empires, every retail success story starts with a single location. The gathering celebrated the journey of entrepreneurs, highlighting the diversity of experiences and backgrounds that shape the retail landscape. As we navigate the ever-changing tide of consumer preferences, it’s essential to stay true to our roots and prioritize the needs of our communities.
Challenging Conventional Investments. In the realm of real estate, traditional investments are being challenged by innovative models. The rise of large childcare franchises as lucrative investments has reshaped the market, but at what cost? Investors capitalize on renovating buildings into preschools, leaving business owners and families burdened with exorbitant overhead costs. As we explore new avenues of investment, it’s crucial to consider the broader implications for our communities.
In conclusion, the gathering served as a testament to the evolving nature of retail and community development. As we look towards the future, we must embrace community-centric designs, nurture meaningful relationships, and challenge conventional norms. By prioritizing the needs of our communities and fostering inclusive spaces, we can build a retail landscape that thrives in harmony with the people it serves. From Boba to Pho, and Wendy’s to Walmart, the future of retail lies in our collective ability to innovate, adapt, and serve. Let us rise to the challenge and create spaces where communities can flourish, one storefront at a time.
