Trends for Downtown Retail

Interested in what the next year has in store for retail? Carol Gies, presidents of 4Insights, a consulting firm that works with downtowns and other specialty retail areas, shares her thoughts. 

Who will be buying? 
The baby boomers are not the primary market they no longer have a steady income and they re worried about their retirement savings. The focus now is on single adults. 

70% of households have no children at home and the most common type of household is a person living alone. Because of this, retailers are shifting away from offering only family-oriented products. 

Shift your focus to single adults and female head-of-households. Revamp your merchandise for a younger age group, with items such as electronics or eco-friendly goods. Look to extending hours in the evening and upgrading your web presence. 


What will they buy? 
For 80% of consumers, necessity, price and deals are at the top of their list. The other 20% are luxury shoppers who are slowing moving back into the market. 

Stock and promote items necessary for daily living--household goods, towels and linens or tabletop items. Promote your lower priced items to pull people into your store. Offer perks and special services, like next-visit discount cards or personal shoppers. 


How will they be shopping? 
Time-pressed consumers are making fewer special trips for shopping and instead integrating it into their daily activities. They will pick up a gift on a lunch break or pop into a store before meeting friends for dinner. 

They also do a lot of shopping online. They'll check menus or hours on a business website, comparison shop at their desk, friend a business they like, and much more. 

Take advantage of downtown workers, evening diners and other incidental customers. Use web and social media to keep your business top of mind, like tweeting about lunchtime deals or blogging about a great new customer perk. 



Find me at www.discoverthedistrict.com.

A Tale of Two Cities, Part 2

A few days ago I spoke with a downtown consultant and brought up my recent trip to Georgetown in Washington, DC.  His response?  "You can't build cities that way anymore."  Apparently, most city building codes actually prevent the creation of high-density, multi-use areas like Georgetown.

Photo courtesy of virtualtourist.com

Georgetown thrives due to many factors --the university, the large number of college students, the equally large number of professionals and some strong residential areas ringing their downtown.  And yes, there is quite a bit of money in the area as well.   All of these help create a strong base for a multitude of high end restaurants, bars and retailers.  But its success is also the result of 18th Century building practices.  Buildings are close together, storefronts are a traditional width 21 or 42 feet, and a building has multiple uses--be it office, residential or commercial.  The result is a crowded, bustling streetscape with enough going on to please anyone.

Photo courtesy of offbeattravel.com

The one disappointment?  A misguided effort to create a downtown mall. Although it's located on M Street, a busy thoroughfare with a great mix of local and national retailers, this energy doesn't translate inside.  The ceilings feel low and the site lines are terrible so not only do customers feel overly confined, they can't see what stores are up ahead. This is especially problematic given that the site lines down M Street keep the pedestrians moving from one block to the next.  One simply walks inside and this forward-moving energy stops.

All and all though, Georgetown is a great area and one that I'd like to see recreated elsewhere in the country.  Maybe a field trip is just the thing to convince city planners and other officials to revisit their restrictive building codes.

Find me at www.discoverthedistrict.com.