FUTURE RETAILING

Convenience, sustainability and customer experience are set to drive the future of retail leasing, according to a report from property firm CBRE.

Released in September CBRE’s 30 Predictions for 2030: The Future of Retail in Australia report took a deep dive into the evolving retail leasing market, outlining a series of trends set to significantly impact the market.

Kate Bailey, CBRE head of retail research said the report’s findings outlined the sector is undergoing a period of tremendous change.

AUTOMATION

AND ECO-SUSTAINABILITY

“Australia’s retail landscape has transformed significantly over the past decade and that rate of change will continue in the next 10 years as retailers harness new technology and adapt to meet changing consumer demands,” she said.

“By 2030, consumers will prioritise environmentally sustainable products and retailers; the automation of appliances and growth of in-home assistants and technology will mean that buying many products will be a completely automated process; and time saving retail services will cater to specific customer needs.”

The report identified how emerging trends could have an impact on retail leasing.

Bailey pointed out the likely transition to fully-automated practices in some arenas will mean a laser focus on all-important customer experience.

“Augmented reality will enhance the physical buying experience and retailers will engage with customers through unique instore experiences,” Bailey said.

“Stores will sell less but invest large sums in experiences.

Customer loyalty will be key and big data analytics to track customer behaviours will also enable retailers to be more engaged with their customers through personalised services such as tailored sales and promotions and loyalty programs and rewards.”