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David Kessler on Social Networking Driving Demand for Retail | Real Estate Finance & Investment


1/19/16

The following article appeared in Real Estate Finance & Investment on January 19, 2016

Social Networking Driving Demand for Experience Based Retail Centers

Social networking is changing the way that consumers shop, creating more demand for experience-based retail centers that offer retail, dining and entertainment elements in an urban, 24/7 environment. “Social networking has created an increasing need for creative collisions, which perfectly align with mixed-use retail centers that create that sense of community,” said David Kessler, partner at CohnReznick. “Some friends can be out to eat, talking about a product they found at a little shop down the road, and someone can look it up on their phone and buy it before dinner is over. In order for that to happen, retail has to be positioned in these environments that are creative and experiential.”

Mobile devices accounted for approximately 57% of all online shopping this year, up 15% year over year from last year and marking the first time that mobile retail sales exceeded desktop sales in terms of e-commerce. “People don’t have to be at home or at work or in front of a computer anymore to shop online,” Kessler said. “They want to be out at a café with friends or even shopping at a store and looking for something the store doesn’t carry in their size.”

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