1、November 20238 Retail Trends to Watchin 2024Dive into the location intelligence data to find out which trends willshape the retail,dining,advertisement,entertainment,and realestate spaces in 2024.Introduction21.Star Power in Retail and Stadiums2Collateral Gains:Taylor Swift and Michaels3The Deion Sa

2、nders Effect42.Second Hand Apparel on the Rise53.Placemaking as the core of CRE6Placemaking through Tenant Diversity7Placemaking by Diversifying Consumer Offerings84.Experiences Drive Entertainment&Dining Visits9Experience-Driven Theater9Experiential Dining:Anyone Can Cook115.Return to the“The Old N

3、ormal”13Return to Office146.Retailers Suburban Shift157.Grocery M&A16Aldi Expands its Reach by Acquiring Southeastern Grocers16Consolidation Not Limited to Grocery Giants188.Optimizing Retail Media Networks Through Offline Data19Key Takeaways21 2023 Placer Labs,Inc.|More insights at placer.ai|1Intro

4、duction2023 was another tumultuous year as inflation,high interest rates,and general economicheadwinds continued constraining consumer behavior.Still,this year also revealed manybright spots across a variety of consumer-facing sectors,from retail to dining toadvertisement to entertainment.And many o

5、f these developments are likely to shape thewider consumer landscape in 2024.The retail lift from Taylor Swifts Eras Tour revealed the appetite for socializing-basedentertainment,while the pull of Coach Sanders showed that college football can also createmajor retail opportunities.The popularity of

6、second-hand apparel highlighted the promiseof eco-and budget-friendly retail concepts.Placemaking in retail and real estate along withthe success of experiential dining and entertainment concepts emphasized the power ofinvesting in consumer engagement.Consolidation helped certain grocery companies r

7、eachnew audiences,while expansion helped dining brands solidify their standing in key growthmarkets.Retail media networks continued gaining momentum.And the impact of COVIDcontinued receding in certain critical areas.Read on to find out how these emerging trends will shape 2024.1.Star Power in Retai

8、l and StadiumsHappenings outside of the retail space have always impacted retail trends.In recent years,the rise of social media seems to be amplifying the potential for celebrities,culturalmoments,and popular entertainment events to direct consumer foot traffic in everythingfrom shopping to sports.

9、Events create a powerful draw that produce significantopportunities in the surrounding areas and reveal the need to update the way we view theevent spaces themselves.The ability to generate urgency and excitement indicates the potential for a broader retail,food and advertising opportunity in the op

10、en spaces that support these very events.Leaning into this phenomenon will be a key trend to track in 2024.2023 Placer Labs,Inc.|More insights at placer.ai|2Collateral Gains:Taylor Swift and MichaelsMarketers have long used celebrity collaborations to boost traffic to fashion brands ordining chains,

11、but stars or events can also drive collateral visit spikes to retailers notdirectly affiliated with the trend of the moment.The triumph of the Barbie movie led to aspike in Mattel doll sales,but also inspired consumers to purchase all things pink as theydecked themselves out in Barbiecore before hea

12、ding to the cinema or to the myriad ofBarbie-themed events.Taylor Swifts immensely successful Eras Tour also caused retail shockwaves(in the mostpositive sense).Michaels,a chain specializing in arts supplies,was one of the majorbeneficiaries of the Eras Tour collateral uplift.Inspired by a Swift son

13、g,many fans chose tocreate friendship bracelets ahead of the concert.Visits to local Michaels stores skyrocketedin the weeks leading up to nearby concerts,correlating with massive increases in salesreported by the chain.And the retail lift did not just come from concert attendees someof Michaels tra

14、ffic likely came from Swifties who did not get a ticket to the show but stillchose to tailgate and exchange friendship bracelets from nearby locations.2023 Placer Labs,Inc.|More insights at placer.ai|3The Deion Sanders EffectCelebrities impact on consumer foot traffic trends extends beyond retail to

15、 the world ofsports.Lionel Messis arrival in Miami spiked interest in the sport and led to visit surges atInter Miamis DRV PNK Stadium.And the potential for impact is not just limited to starplayers star coaches can have a sizable influence as well.Deion Sanders signed on to coach the Colorado Buffa

16、loes University of Colorado,Boulders football team ahead of the 2023 football season and quickly generated asignificant buzz.The team sold out its entire season in mid-September for the first time inits history,and visits to Folsom Field soared during game days,reaching a high of 62.3%onOctober 13th

17、,2023 compared to the 2019-2023 home game day average.The excitementaround Coach Sanders and his team is having an impact on the local economy as well each sold out game is estimated to be bringing up to$17 million to Boulder businesses.The huge audiences that these celebrity-driven sporting events

18、attract are shifting theparadigm and inviting cities,event organizers,and local business owners to rethink thebest way to maximize the impact of the massive traffic spikes.With no end in sight to the potential of celebrities and entertainment events to dictate viraltrends the collateral gains from c

19、ultural moments for retailers,advertisers,diningoperators,and local civic stakeholders is only expected to grow in 2024.2023 Placer Labs,Inc.|More insights at placer.ai|42.Second Hand Apparel on the RiseA confluence of factors helped second-hand retailers gain in popularity in recent years,with cons

20、umers looking to purchase clothes that are unique,affordable,andplanet-friendly.Following a strong 2022,the category continues to grow in 2023 and islikely to strengthen further in 2024 as interest in sustainability and frugality intensifies.And not only are second-hand retailers seeing a sustained

21、increase in visits,with foot trafficup significantly compared both to pre-pandemic 2019 and to last year the category isgaining ground among younger consumers.Between 2019 and 2023,the share of“Singles&Starters”defined by Experian:Mosaic as“young singles starting out and some starterfamilies living

22、a city lifestyle”increased within the captured market trade area of sevenleading second-hand chains.This means that these chains are now attracting more of thissegment than they did in 2019 another indication that the thrift store revival is here tostay.2023 Placer Labs,Inc.|More insights at placer.

23、ai|53.Placemaking as the core of CREThe move towards greater tenant diversity in malls shaped the shopping center space inrecent years,and the trend appears set to be taken to the next level in 2024.Placemaking crafting public spaces that go beyond utilitarian needs to foster social interaction ande

24、xchange is at the forefront of many urban development initiatives,and the trend isalready boosting retail performance in successful placemaking projects.2023 Placer Labs,Inc.|More insights at placer.ai|6Placemaking through Tenant DiversityFenton,a mixed-use district in Cary,N.C.,opened in June 2022.

25、The project showcases thepotential of placemaking to transform an underutilized space into a vibrant“live-work-play”community with something for individuals and families of all ages.The retail andentertainment village includes shops,restaurants,seasonal attractions,entertainmentvenues,and other dive

26、rse offerings that are establishing Fenton as a community hub and aprime destination for residents.Since the projects unveiling in 2022,visits have grownmore than 100%,and median dwell time has increased from 56 to 87 minutes.Across the country,in Phoenix,AZ,Park Central Mall the states first open-a

27、ir shoppingcenter was also redesigned as a mixed-use development Park Central.The complex firstreopened in 2019 and now includes restaurants,office space,medical facilities,andbioscience research labs,with more hospitality and housing under construction.Visit dataindicates that the revitalization of

28、 Park Central is continuing to bring more traffic to thearea between 2022 and 2023,visits to Park Central increased by 29.2%while mediandwell time grew from 69 to 75 minutes.2023 Placer Labs,Inc.|More insights at placer.ai|7Placemaking by Diversifying Consumer OfferingsOne form of placemaking is to

29、group together diverse tenants in a single space orneighborhood to give different types of consumers a reason to visit the area.But individualretailers can also use placemaking tools to diversify their offerings and give consumersmultiple reasons to visit and spend time in their venues.In March 2023

30、,7-Eleven launched its electric vehicle fast charging network andaccompanying app 7Charge.The companys charging stations are currently available atselect 7-Eleven locations in California,Colorado,Florida,and Texas,with plans to continueexpanding to additional states.Already,foot traffic data indicat

31、es that 7-Eleven venues with7Charge are seeing significantly more year-over-year visit growth than their charger-lesscounterparts.And the introduction of 7Charge is not the companys first foray intoplacemaking 7-Eleven has already added car wash services to some of its venues,andthese locations also

32、 appear to be growing faster than the chains nationwide average.Boththe charging stations and the car washes appear to give some consumers a reason to visitthe chain that they would not have otherwise.And many of these car wash or EV chargingconsumers likely end up visiting the convenience store to

33、pick up food or other items alongthe way.2023 Placer Labs,Inc.|More insights at placer.ai|8Placemaking gives retailers and real estate developers tools to attract more traffic from awider range of consumers and give these consumers a reason to spend more time in thestore or space.Given the extensive

34、 benefits of placemaking,the practice is likely tocontinue to intensify as we move into 2024.4.Experiences Drive Entertainment&Dining VisitsExperiential retail has been on the rise over the past couple of years.And as consumerscontinue looking for opportunities to socialize and interact with others

35、in a post-COVIDworld,experiential components are now being added to a variety of consumer-facingbusinesses,from movie theaters to restaurants.Experience-Driven TheaterThe Barbie movie was the biggest box office hit of 2023(so far),bringing many spectatorswho had not gone to the movies since COVID ba

36、ck to theaters.And the spike in movietheater visits wasnt just driven by the glowing reviews the movie gave the crowd a chance 2023 Placer Labs,Inc.|More insights at placer.ai|9to participate in Barbie world directly.Audiences throughout the country decked out inhead-to-toe Barbiecore viewed the fil

37、m with groups of friends or family members,generating a sense of community among the pink-clad theater attendees.Oppenheimer,another highly-anticipated film released the same day as Barbie,also drovemasses to theaters nationwide,in part thanks to the movies experiential promise.Christopher Nolan,Opp

38、enheimers director,promised movie-goers an“intense experience”merely from viewing the film especially for those who chose to watch the film in IMAX.The release of Oppenheimer on the same weekend as Barbie also created a uniqueexperience opportunity in the form of“Barbenheimer”a phenomenon that drove

39、 over200,000 people to watch both movies on the same day.And in the most recent example of the movie as events trend,fans who came out for therelease of Taylor Swift:The Eras Tour turned movie theaters into concert venues by singingand dancing along with the recorded on-stage Swift.Experience-driven

40、 theater requires more than just great films.The movies need to be ableto lend themselves to being experienced by viewers as more than just scenes on a screen,and movie theaters need to go along with the fans and create the space that allows groupsand individuals to fully engage with the content bei

41、ng presented.The success of Barbie andTaylor Swift:The Eras Tour likely means that many more movie studios and movietheaters will look to lean into this trend of experience-driven theater in 2024.2023 Placer Labs,Inc.|More insights at placer.ai|10Experiential Dining:Anyone Can CookExperiential offer

42、ings are also boosting dining visits.GEN Korean BBQ,which went public inJune 2023,offers patrons an interactive,family-style dining experience where customersgrill their own meat at the table.The DIY concept keeps prices low while offering diners anexperience beyond the basic restaurant outing.And f

43、oot traffic data indicates that theoffering is popular with the public Q3 2023 visits to the chain were up 17.7%relative to2022 and by 41.6%compared to 2019.And visits per venue are also growing,even as GENKorean BBQ continues to expand indicating that there is plenty of demand to support thechains

44、growth and that new locations are not cannibalizing existing venues.2023 Placer Labs,Inc.|More insights at placer.ai|11Part of GEN Korean BBQs success lies in its affordability,which has helped the brandattract a growing share of mid-and low-income households over the years.Between Q32019 and Q3 202

45、3,the share of Cultural Connections a segment defined as diverse,midor low income families in urban apartments and residences increased from 5.9%in Q32019 to 9.2%in Q3 2023.As cost continues to be a major consumer concern,budget-friendly experiences that combine sociability and fun such as dining,mo

46、vies,fitness,or nature-based recreation are likely to continue thriving in 2024.2023 Placer Labs,Inc.|More insights at placer.ai|125.Return to the“The Old Normal”Some pandemic-era changes predicted as permanent such as the demise of the gym quickly receded as the infection risks waned.But other shif

47、ts have proven more resilient and although the CDC officially declared the end of the COVID Public Health Emergency inMay 2023,certain consumer behaviors such as grocery shopping habits are only nowreturning to their pre-COVID norms.Weekend grocery visits dropped at the height of the pandemic,as new

48、ly flexible schedulesenabled many consumers to do their grocery shopping in the midst of what had previouslybeen a busy workweek.Indeed,some shoppers even chose to visit supermarkets mid-dayand mid-week to avoid the crowds and reduce exposure.But now,with weekday schedulesfilling up once again,the p

49、ractice of weekend grocery shopping trips has returned with avengeance.In fact,both Aldi and Trader Joes saw a larger share of weekend visits in Q32023 than they had in Q3 2019 indicating that some consumer behavior is still in flux,andthat additional pre-pandemic consumer habits may well make a com

50、eback in 2024.2023 Placer Labs,Inc.|More insights at placer.ai|13Return to OfficeFull-time remote work is another COVID-era behavior that has been slowly phasing out.Although office occupancy numbers are still nowhere near pre-pandemic levels,office visitshave been slowly creeping back up since mid-

51、2021.A Gallup poll from October 2023 findingthat a majority of hybrid workers now work onsite at least three days a week.So far,the return-to-office trendline has not been linear,with bursts of progress followedby months of relative stagnation.But since the return-to-office impacts everything fromdo

52、wntown dining and retail to the wider housing market,even a minor advance in return tooffice numbers in 2024 is likely to have a major impact on a variety of sectors.2023 Placer Labs,Inc.|More insights at placer.ai|146.Retailers Suburban ShiftWhile consumer behavior in some sectors appears to be ret

53、urning to pre-COVID patterns,the pandemic has had a sustained impact on other areas,including suburban markets.Small but significant migration shifts since the start of the pandemic along with the shifttowards hybrid work have led to a suburban resurgence,impacting everything from retailto dining.Sh

54、ake Shack,for example,has been focusing on suburban markets for the expansion of itsnew drive-thru format,including in the wider Dallas-Fort Worth CBSA.A look at the foottraffic reveals the benefits of this strategy.In Q3 2023,average visits per venue to ShakeShacks suburban locations in the CBSA in

55、creased by a whopping 42.5%,while averagevisits per venue in the brands urban locations declined by 3.8%.The suburban ShakeShacks in Dallas-Fort Worth also drew visitors from higher-income households compared tothe brands urban restaurants.2023 Placer Labs,Inc.|More insights at placer.ai|15Concepts

56、like Shake Shack that are capitalizing on rising suburban markets are alreadythriving and are likely to see even more growth in 2024 as Americans continue relocatingto less dense,more affordable areas.7.Grocery M&AThe grocery sector in the United States is dominated by several large holding companie

57、sthat operate a variety of banners catering to different regions and audiences.Now,thetrend towards consolidation appears to be accelerating.The potential Kroger-Albertsonsmerger was one of the biggest grocery stories of 2023,and while the fate of that dealremains uncertain,smaller companies have al

58、so gotten in on the M&A action indicatingthat grocery M&A is a key trend to watch in 2024.Aldi Expands its Reach by Acquiring Southeastern GrocersIn August 2023,Aldi announced its intention to acquire the Winn-Dixie and HarveysSupermarket Banners through the purchase of parent company Southeastern G

59、rocers and 2023 Placer Labs,Inc.|More insights at placer.ai|16plans to convert some of the acquired stores into Aldi venues.The deal will allow Aldi tostrengthen its presence in Alabama,Florida,Georgia,Louisiana,and Mississippi and helpthe Germany-based grocery giant to continue expanding its footpr

60、int in the United States.In addition to helping Aldi penetrate new markets,the acquisition will give Aldi theopportunity to tap into new audience segments.Both Aldi and Winn-Dixie currently operatein Florida,where the two banners serve different audiences Aldi tends to be morepopular among urban con

61、sumers,while Winn-Dixie caters to a large share of ruralshoppers.Adding the Winn-Dixie banner to its portfolio will enable Aldi to reach additionalsegments that are currently underserved by the companys eponymous banner.Consolidation Not Limited to Grocery GiantsConsolidation in the grocery market i

62、s not just limited to large and mid-size companies specialty grocers are also making moves.Heritage Grocers Group is a grocery holding company that operates a number of specialtybanners,including Cardenas Market(based in California),Tonys Fresh Market(based inIllinois),and Los Altos Ranch Market(bas

63、ed in Arizona).The company acquired El Rancho 2023 Placer Labs,Inc.|More insights at placer.ai|17Supermercado(based in Texas,with one store in Kansas)in June 2023,which increasedHeritages total store count from 85 to 113 and enabled the group to penetrate the Texasand Kansas specialty grocery market

64、.Analyzing the trade area segmentation for Heritages banners reveals that the acquisitionhas also helped Heritage increase its reach among“Singles&Starters”defined by Experian:Mosaic as“young singles starting out and some starter families living a city lifestyle.”Given its potential to increase a co

65、mpanys geographic and audience reach,grocery M&Aactivity is likely to continue shaping the space in 2024.2023 Placer Labs,Inc.|More insights at placer.ai|188.Optimizing Retail Media Networks Through OfflineDataAlthough the importance of retail media networks has continued to grow over the pastcouple

66、 of years,there is still a significant untapped potential in the space and theinnovative advertising platform is likely to take on even greater importance in 2024.Retailers are continuing to experiment with new ways of leveraging their digital andphysical assets for advertisement partnerships,as dem

67、onstrated by Best Buys recentlylaunched self-service campaign platform.The companys retail media network,known asBest Buy Ads,now allows brands and agencies to purchase,plan,view and managecampaigns while tracking results in near-real time.The self-service platform is the latestexample of the compan

68、ys constantly evolving retail media capabilities.And while BestBuys retail media network is currently mostly online,brands and advertising agencieswishing to find the right audience for their campaigns can make use of offline data toidentify promising markets.Layering demographic or psychographic da

69、tasets such as the AGS:Behavior&Attitudesdataset onto Best Buys potential market trade area in different markets reveals keydifferences in the electronics preferences of Best Buys shoppers across regions.Forexample,Florida attracts a relatively large share of“Video Game System Owners”,“MacUsers”,and

70、“iPhone Users”compared to the statewide Florida benchmark,so advertisingpartners looking to reach these segments may want to focus their campaigns on Florida.At the same time,the trade areas of Best Buys in the Sunshine State tend to include fewer“Android Users”compared to the statewide benchmark.Ad

71、vertisers looking to reach thisdemographic may want to focus on California instead,where Best Buys potential tradearea is over-indexed for the“Android Users”segment relative to the California average.Best Buy and its advertising partners can leverage this type of data to further optimize theircampai

72、gns across the companys retail media platforms.2023 Placer Labs,Inc.|More insights at placer.ai|19Key Takeaways1.Popular events and viral happenings will create massive opportunities forlocal retail,dining,and advertisement:Events create a powerful draw thatproduce significant opportunities in the s

73、urrounding areas and reveal the need toupdate the way we view the event spaces themselves.2.Second-hand apparel will deliver value and visits:Consumers are looking topurchase clothes that are unique,affordable,and environmentally friendly andsecond-hand apparel fits all those criteria,so the categor

74、y is expected to continuegrowing in 2024.3.Placemaking will be at the core of developers and retailers brick-and-mortarstrategies:The art of placemaking is not just transforming large-scale real estateprojects individual retailers and companies are also leveraging placemaking tools 2023 Placer Labs,

75、Inc.|More insights at placer.ai|20to create spaces that give consumers multiple reasons to visit and linger in theirstores and venues.4.Adding experiential components to traditional consumer-facing businesseswill boost demand:The Eras Tour invited movie-goers to engage directly with thecontent,gener

76、ating an excitement within the auditorium that drove fans to chooseto watch the movie in theaters.GEN Korean BBQ also introduces a uniqueexperiential aspect to its restaurants by inviting patrons to grill their own means.Experience is a draw,and leaning into this reality can unlock success.5.Certain

77、 consumer habits will continue the shift back to the“old”normal:Some COVID-era patterns were already receding in early 2022,but some shifts havebeen longer-lasting,with the return to pre-pandemic habits still underway in severalareas.6.Dining and retail concepts that focus on serving suburban audien

78、ces will seegrowth:Concepts like Shake Shack that are capitalizing on rising suburban marketsare already thriving and are likely to see even more growth in 2024 as Americanscontinue relocating to less dense,more affordable areas.7.The grocery industry will continue to consolidate:Grocery consolidati

79、on canhelp companies penetrate new markets and reach new audiences,so grocery M&Aactivity is likely to continue shaping the industry in 2024.8.Retail media networks will gain momentum:Although the importance of retailmedia networks has continued to grow over the past couple of years,there is still asignificant untapped potential in the space and the innovative advertising platformis likely to take on even greater importance in the coming year.2023 Placer Labs,Inc.|More insights at placer.ai|21