Baby-boomers acting forever young will drive retail sales across Europe
Latest research from CBRE Global Investors, one of the world’s largest real estate investment management firms, highlights four main consumer groups which are driving the growth and development of shopping centres.
As a shopping centre manager, CBRE Global Investors are well placed to identify how understanding these consumers will benefit sales and performance in a rapidly changing marketplace.
The Shop and Share Girl, The Mindful Goddess, The Reboot Man and the Forever Young highlight the growing diversity in households and attitudes to spending, irrespective of previous social and class perceptions.
Mixed fashion has seen a strong increase of floor space of 9 percent over the last three years and across many stores, including department, men’s floor space is expanding.
However the largest change is in the “Forever young” market – baby boomers from 50 and even in to their 70s. This group will drive retail sales over the next few years in many European countries, the main challenges for retailers will be to adapt to understand this demographics’ tastes and demands.
Marije Braam-Mesken, Head of EMEA retail research and strategy said: “Today, retailers need to work much harder to understand customers and, in doing so, they need to target ranges and products much more sensitively. That means greater segmentation and much more clarity in the offer on the shop floor as part of omni-channel strategies. Those retailers that are closest and most responsive to their customers will be the most successful.”
Whilst the optimum does depend on the type of centre, location and country in which it is located, expanding and revitalising the tenant mix and broadening consumer services to appeal to a growing range of differentiated consumer groups will enable retailers to continue to build on the continuing strength of retail across Europe.