2019 Q1 Retail Greenville-Spartanburg Report

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Local bricks-and-mortar key in the emerging omni-channel retail landscape

Key Takeaways

  • There are two buildings under construction in downtown Greenville which, upon, completion, will add 145,000 square feet of retail space to the area.
  • Bricks-and-mortar shops are necessary to enhance online sales and keep up with customers’ omni-channel shopping preferences.
  • The weighted rental rates averages dropped considerably over the past 12 months due to higher quality space being absorbed; when new construction is delivered to the market, the rental rates are expected to rise.

Bricks-and-mortar retail is necessary

The general nature of retail has been changing for several years and a new trend bypassing all others is omni-channel retail. Bigcommerce.com generally defines omni-channel retail as multi-channel retailers with both a digital and a physical presence. The recent evolution of retail began several years ago, with Millennials preferring to shop online. Today, retail is evolving further as consumers from all generations are catered to based on their shopping patterns. Omni-channel retailers are successful in their brick-and-mortar shops and their online outlets because they are in tune as their clients’ preferences change. Some consumers prefer to browse products in a store so they are able to touch an item to measure its quality, true sizing or texture. The same consumer may then become a repeat customer through the store’s online channel. Others prefer to have paper goods delivered, yet pick up fresh produce and meat in a grocery store. Still other consumers prefer to order online for curbside pick-up. Whatever the shopping preference may be, bricks-and-mortar stores are a crucial channel contributing to the success of a retailer. 

 

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Greenville retail report

2019 Q1 Retail Greenville-Spartanburg Report

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