Millennials a major influence on retail centre operations: CBRE

Millennials a major influence on retail centre operations: CBRE
Millennials a major influence on retail centre operations: CBRE

Millennials currently account for around 35% of the workforce and are expected reach 40% by 2030, according to CBRE’s latest report.

This sizeable contribution to the workforce means that millennials are major decision makers and their spending behaviour will continue to influence the way retail centres operate, the report says.

Despite the rise of online retail, millennials still prefer in-store purchases and are attracted to shopping centres that provide the “retail experience”, encompassing international brands, new food and beverage (F&B) concepts and the engagement of new technology.

According to the Australian results of CBRE's APAC Consumer Survey, millennials prefer shopping centres that offer a range of F&B products and international brands.

This behaviour has and will continue to drive tenancy mix changes in shopping centres, the report argues.

"Millennials on average visit a mall five days per month to shop and three days per month for reasons other than shopping; therefore it is important to create destinations that attract millennials," it said.

Tags: 
CBRE

Comments

Be the first one to comment on this article
What would you like to say about this project?