The retail industry continues to emerge! We live in a time and place where experiences matter. Without going too far down the psychological path, it’s important to remember that we are social creatures in some form. Researcher and author Brené Brown says, “Humans are social creatures who crave community and connection.” Whether it is indoor pickleball, entertainment dining, live performances, or pop-up markets, these experiences keep people coming back for more!

What’s the new craze?

Indoor Sports Facilities – If you haven’t heard already, pickleball is the new craze! In fact, it’s taken off so well that cities and private landlords are incorporating them into their amenity lineup! Georgia happens to be highly underserved with suitable pickleball facilities, making it a hotspot for growth potential.

The craze which started in 2023 in conjunction with big box stores leaving large retail locations, offered a unique alternative for landlords to consider. Guess what? It worked and landlords and co-tenants benefitted from the additional traffic and new tenant mix. This goes beyond pickleball. Landlords and Investors see opportunity with indoor golf, virtual reality gaming, and bowling.

Theatres – The days of the traditional cookie-cutter movie theatre are almost a thing of the past. Move over popcorn…bring on the craft cocktails and charcuterie board! Several new concepts are seizing on the opportunity to ensure moviegoers have an experience with theatre dining and drinks, luxury seating, and smaller, more intimate theatre halls. Concepts such as Alamo Drafthouse Cinema and Movie Tavern are active in Georgia, seeking new opportunities in second-generation spaces.

Greenspace – Having worked on the Landlord side for many years, the thought of having larger tracts of greenspace without a tenant paying rent was a foreign concept.  However, times have changed.  Some shopping center owners are capitalizing on open space within their properties by holding everything from yoga classes to concerts to “live broadcasts” of sporting events to increase turnout which leads to an increase in retail, food & beverage sales. Having a space for community functions, events and even cornhole create an environment to draw crowds. 

Despite inflation and soaring ticket prices, Americans continue to spend on live entertainment. The consensus is that there is still pent-up demand for in-person experiences after the pandemic. In 2023, Americans spent $48.1 billion on live entertainment, excluding sports, according to the U.S. Bureau of Economic Analysis. The figure marks a 27 percent increase over 2022.

Bottom line, consumers today are focusing on memorable experiences with friends, family and colleagues. This trend is particularly popular among millennials and Gen Z, who prioritize experiences over material possessions. How can you integrate experiences into your community and economic development program? Where are the opportunities? Whether it’s Metro Atlanta or Rural Georgia… as a Georgia Energy City, your community has an opportunity to have an experience hub which can bring in traffic and become a catalyst for additional retail development.

JOIN US AT ICSC SOUTHEAST – Atlanta!

ECG will once again have a booth to provide a meeting space for retailers, brokers, and developers. Registration for the event can be found here: www.icsc.com/attend-and-learn/events/details/SOUTHEAST-2024

Please let me know if you would like to attend.  Scheduling for meetings will begin in August!