In 2024, placemaking will continue to be key for owners, investors and managers focusing on creating a combination of both retail destinations, as well as appealing places for the entire family to shop, eat, play and spend time. In this context, the outlet proposition plays a key role. As one of the fastest-growing retail channels, and despite major challenges and shifting trends over the past few years, the outlet sector has demonstrated it has its eye firmly on the ball, as well as the capacity to anticipate, be agile, flexible and ready to meet whatever changes come next.
In a world where consumers have thousands of shopping and entertainment options at their fingertips, it can be incredibly challenging to capture and retain their attention. Footfall and sales have seen double-digit growth across our outlet portfolio, demonstrating that customers enjoy visiting a brick-and-mortar store. Yet, they look for an all-encompassing shopping experience, where price is not the only key factor when it comes to where to buy.
Key players will continue to seize the opportunity to invest in creating appealing spaces by attracting new brands and diversifying the retail offer, as well as introducing new leisure and entertainment concepts, with F&B playing an ever more important role. We will also see improvements to the functionality of the properties and investment in sustainable design, modern and remodeled spaces that facilitate communication and social interaction to attract visitors.
This will also be a key year for innovation, with big data and digitalization playing a pivotal role. The use of artificial intelligence across a number of business areas will be a major theme as companies start to introduce AI both to boost productivity, reduce operating costs and elevate the customer experience.
My wish for 2024 is that we keep moving forward with optimism, approaching challenges as opportunities to improve and add value, so that shopping destinations can continue to connect with customers, engage with them and earn their loyalty by offering them something extraordinary.
Daniel Losantos
Daniel Losantos is CEO of NEINVER, and Member of the ACROSS Advisory Board.
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