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September2024
Mcsey
&company
RealEstatePractice
Whattherealestate
industryneedstoknowaboutexperientialretail
McKinseyseniorpartnerColleenBaumexplainshowrealestateownersbenefitfromhelpingexperientialretailersflourish.
Experientialretailisagrowingwayforretailerstodrawinshoppers,increaseomnichannelsales,andbuildtheirbrands.Realestateownersandoperatorsthatcanattractexperientialretailerscanbenefitinmultipleways.Here’swhatittakes.
KatyMcLaughlin:Whatisexperientialretail?
ColleenBaum:It’saformatdesignedtohelp
customerstouchandfeelandexperienceproductsaswellasgettoknowabrand.Experientialformatstendtohavefarmorebrandmessaging.Thistype
ofretailexperienceisnottobeconfusedwith
temporarypop-upstoresorbrandedevents.Instead,experientialretailersseeklong-termleasesandaimtobecomeknownasdestinationshopping.It’sa
reasontogo.Someleadingexperientialformatshavebeenwithinsportinggoods,whereshopperscantryonshoesandplayonabasketballcourtorrunonastripofAstroTurf.
KatyMcLaughlin:Whatkindofrealestatedoexperientialretailerslookfor?
ColleenBaum:Experientialformatstendtobe
morecapitalintensive.Tomakethereturnonthatcapitaleffective,experientialretailersneedtobeinhigher-trafficlocationswheretheycanaccess
everydayshoppersandsometouristtraffictohelpbuildbrandawareness.
KatyMcLaughlin:Howisthereturnfromexperientialretaildifferentfromthatoftraditionalstores?
ColleenBaum:First,mostexperientialformats
don’tachieveprofitabilityfromin-storesalesfor
threetofiveyears,becauseofthecapitalintensity.
Second,theyoftenboostomnichannelsales.Whenonespecialtyretaileropenedtheirfirsttenlocations,theywereallexperiential.Theyhada200percent
increaseinomnichannelsaleswithinthose
catchmentareas.Peoplewhostoppedbydidn’t
necessarilybuyatthestore,buttheyboughtonlinelateron.Twohundredpercentisreallyimpressive;amoretypicalliftisinthe15to25percentrange.
Third,brandsuseexperientialformatstoacquire
customers.Customeracquisitionthroughsocial
mediahasbecomeincreasinglyexpensive,anditisprohibitiveforalotofbrandstodolarge-scale
acquisitioninadigitalchannel.Instead,retailershopetodrawcustomersintocool,exciting
locations,trackthenumberofnewcustomers,andencouragethemtojointhedatabaseor
loyaltyprogram.
KatyMcLaughlin:Whyshouldrealestateownersoroperatorstrytoattractexperientialretailers?
ColleenBaum:Inamoreexperientialformat,you
havealongerdwelltimeandagreaterlikelihood
thatpeoplewillshopacrosslocations.Soifareal
estateownercangetacoreoranchortenantthat’smoreexperientialinnature,itcanattractmore
destinationtraffictothehighstreetormall,whichisabenefittoothertenants.
KatyMcLaughlin:Howcanrealestateownersandoperatorsattractexperientialretailers?
ColleenBaum:Tenantimprovementallowancesmayhavetobehigherbecauseofthecapital
intensityofexperientiallocations,andbuild-outcouldtakelonger.Sorealestateownersor
operatorshavetobalancefindingtherighttenantandpossiblymoreup-frontcoststosecurea
leasethatwillreallydrivetraffic.Youcan’tputan
experientialretailerjustanywhere.Theyneed
highlytraffickedlocationsthatarehighlyvisible,areonagroundfloor,andhavelotsofwindows.
Whattherealestateindustryneedstoknowaboutexperientialretail2
Findmorecontentlikethisonthe
MckinseyInsightsAPP
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Realestateownersandoperatorscanalsoattractthesetenantsbyofferingvaluabledata.This
includesdetailsabouttheareademographics,
whichshoppersarecominghere,majorsourcesofemploymentaroundthearea,andthetrafficon
differentoccasions.Theretailerorbrandteamcan
thentakeallofthisintoaccounttodetermine
whatexperientialcomponentsthey’llincludetodelightthesecustomers.
KatyMcLaughlin:Howcouldleasesbedesigneddifferentlyfortheseretailers?
ColleenBaum:Thedatademonstratesthat
someonewhoshopsonlineandin-storeisatleast1.25percentmorevaluablethansomeonewhojustshopsinasinglechannel.Sothere’srealvalueinhavingsomeonewhogoesinthestoreaswellas
buysonline.Wealsoknowthatwhenyouopena
storeinaparticulararea,theonlinesalesincrease.Ontheflipside,whenastorecloses,thereis
adeclineinonlinesalesintheareasurroundingthatstore.
That’sallproofthatagreatin-storelocationcan
leadtohigheronlinesales.Soitonlymakessenseforrealestatecompaniestopursuearentstructurethat’scorrelatedtoapercentageofomnichannel
sales.Therealestateownerscanfigureoutameasureofthoseomnichannelsalesthatareconnectedtotheexperientiallocation.
KatyMcLaughlin:Howelsecanrealestateownersandoperatorsprofitfromexperientialretail?
ColleenBaum:Muchofthebenefitcomesfrom
howtherealestateownerusestheexperiential
retailertobuildanoncompetitiveecosystemof
complementaryretailersnearby.Ownersand
operatorscanuseanalytics,includingmobilityandcreditcarddata,tofigureout,“What’sthecollectionoftenantsthathaveoverlappingcustomerbasesandwouldfeedoffofoneanother?”There’san
opportunityforownersandoperatorstothink
aboutbroaderplacemaking—includingfoodandbeverage,events,andspecialinstallations—and
howtotakeadvantageofthetrafficthat
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