The placemaking industry will gain tremendous relevance in the future since the retail industry is faced with the challenge to reinvent and transform itself into a multifunctional platform of user experience. Most of what we see on today’s high street retail landscape will no longer be able to sustain the pressure for change unless significant adaptations are performed. The opportunities lie in the direct and sensual engagement of the customers, guests, and visitors via multifunctional spaces which do not just serve one particular purpose, but moreover offer a colorful range of themes, topics, and experiences related to the brand itself or beyond. Of course, this is a highly challenging effort and process in the making, first because the market offer for new experience concepts and ideas is limited, and second, creativity yet must flourish.
However, the necessary investment is also immense. Theoretically, tenant and landlord should share the cost to manage successful projects going forward, but in the real world, this is and always will be subject to negotiation and part of the individual project or task. In essence, the user will guide the way to a large extent to actually engage and push the positive evolution of brands and concepts by the simple act of spending time with the most exciting and valuable retail brands, restaurants, hotels, and so on. This will shine a light on the pioneers and market leaders of this industry, the rest will (and must) follow the best practice and ideas. We already see the potential of this amazingly talented industry which is now starting to grow far quicker and larger than anything anticipated only a few years ago. I really feel that we will not believe where we were now in retail from a future standpoint and just how exciting the market will have developed and grown. Of course, we will witness the extinction of outdated concepts and product offerings, but this change will be a very natural transition into something much more adequate and sustainable, no doubt at all.
Read more about expert opinions in our Online Special: “Industry Outlook 2023”.