Online growth polarises retail
Published: 16 November, 2016
Shoppers migrate from 'Need to Buy' to 'Need to Enjoy'
An in-depth survey of nearly 14,000 consumers across six major European markets by retail real estate investment manager Redevco, indicates that the internet is becoming a key driver of the intensifying ‘experience and convenience’ trend that is increasingly impacting retailers and investors.
The growing convergence between online retail and physical space is freeing up more time for leisure, dining and other activities in prime shopping locations. Consumers are increasingly shifting the focus of their shopping trips from the “need to buy”, which is increasingly fulfilled online, to a “need to enjoy” which is found in top quality retail destinations.
Marrit Laning, head of research & strategy at Redevco said: “People are telling us they are actively exploring their shopping journeys on the internet, and what they value in the two great retail trends of our time – experience and convenience – is being increasingly reinforced online. The psychological blueprints of the two journeys appear to be quite different and the more effectively retailers and property investors are able to identify and target these, the more value they are likely to add to their businesses.”
The Redevco survey: Changing Consumer Behaviour - The Impact of Online Shopping on Shopping Trips, included interviews with nearly 14,000 consumers in April and May this year roughly equally divided between the UK, Germany, France, the Netherlands, Belgium and Spain, by age cohorts and by gender.