![]() ![]() In the case of concerts, the valuable move for retailers and brands would be to go where the fans are, Chernofsky said, and create more flexible retail spaces at stadiums and other music venues. “If I’m a major shopping center, I don’t know that my strategy is changing dramatically.” “I think a lot of it is, can you tap into the hype?” said Ethan Chernofsky, marketing chief at analytics firm Placer.ai in regard to the retail response to this summer’s megatours. It might just be a matter of retailers, um, tailoring their strategies a little to cash in more. AMC theaters with record-setting presales this month - speak to the power of in-person events and programming. These events - as well as the magnetic draw expected for Swift’s Eras concert tour film hitting nearly 600 U.S. ![]() Typical retail spaces aren’t designed to handle crowds of that size, said Simon, and it’s not really a way to run the business.īut, of course, CRE already has bought into, and benefited from, the experience economy, placing an emphasis on more programming, attracting concepts like competitive socializing (think games), and adding more entertainment options. On the one hand, it’s hard to capture one-time, special events. Swift fans, after all, spent $1,300 per person on average per show, surveys found, nearly double what they expected, and set hotel occupancy records. With all these trends aligning and data points underscoring the economic impacts of live events, malls, other retail and commercial real estate in general should cash in on the halo effect of hot tickets. Tenants and landlords need to work together to provide themselves unique opportunities and think about the Instagram moments.” “Being a landlord in retail today, you have to provide additional services. “The events are what pays the bills,” said SimonCRE CEO Joshua Simon, whose development firm focuses on retail. From August 2022 to 2023, spending at bars and restaurants, as well as health and wellness centers, was up more than 7 percent, per Cushman & Wakefield data, while pandemic “winners” such as home improvement, books, hobby centers, and furniture and appliances all saw sales declines. Retail sales and activity have appropriately reshaped themselves for a post-pandemic, in-person boom last year, traffic to top-tier malls was up 12 percent compared to pre-pandemic levels. Her relationship with Kansas City Chiefs tight end Travis Kelce has even benefited football economics through increased jersey sales, social media attention, TV audiences, and even more prop bets on Kelce’s performance. ![]() Swift’s 146-date Eras tour alone, according to travel industry economists, generated roughly $10 billion in consumer spending, including retail and restaurants, the equivalent of 55 Super Bowls. The titanic economic impact of these once-in-a-lifetime concert events, as well as sporting draws like Lionel Messi in Miami, come as the experience economy has roared back since the pandemic’s early days. SEE ALSO: Treasury Yields’ 16-Year High Holds Both Worry and Promise for Real Estate ![]()
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