Retail Real Estate in the 21st Century: Information Technology + Time Consciousness + Unintelligent Stores = Intelligent Shopping? NOT!

Abstract

The confluence of demographic forces, technological advances, and aggressive retailer strategies are transforming retailing — and concurrently introducing a new paradigm for the physical space that supports retailing activities. Over the last several decades retail patterns have evolved markedly, yet many retail properties are generally ill equipped to respond to dynamic change. A proliferation of substitute commodities, embracing a plethora of innovative retailing concepts and technological advances, is redefining the retailing process and the physical settings in which retailing occurs. In this paper important trends and issues redefining the retailing process are identified, their sources and consequences explored, and the strategic issues that merit consideration by those involved in retail real estate are noted.