Latest AMP Capital Shopping Centres Recommended Retail Practice Report reveals evolving retail landscape
New study uncovers the structural shifts influencing and shaping Australian retail and how the industry can respond
The retail market is showing signs of recovery amid changing customer behaviour, giving retailers some hope of respite from the tough conditions of the past four years, according to AMP Capital Shopping Centres’ latest Recommended Retail Practice Report.
The eighth annual report has also found the most successful retailers will be the ones who embrace trends such as the rise of consumer power, the internationalisation of the Australian retail market and an increasingly urban population.
Entitled The New Consumer Paradigm: Embracing the Evolving Retail Landscape, the report takes an innovative new format in 2013 as it examines five of the major structural shifts set to influence and shape Australian society from a macro level.
Bryan Hynes, Managing Director of AMP Capital Shopping Centres, said: “Retail is of fundamental importance to the Australian economy and while consumer confidence has suffered since the Global Financial Crisis, the report has found Australian consumers are ready and willing to spend if the product and experience are right.
Research insights: Five key outtakes
Each of the five white papers within the report offers a wealth of insights for retailers. Highlights include:
- Be internationally competitive – Michael Baker, a retail and retail property consultant, argues that with international retailers predicted to capture 6 per cent of the Australian fashion market during the next five years, it’s essential the local industry responds seriously with tactics such as critical investments in mobile and e-commerce, assortments and pricing [page 9].
- Understand your audience – Tony, retail research expert, recommends an understanding of generational cohorts to help build a better and stronger business although this is no magic bullet. For example, Gen Ys love Mexican food and are also significant purchasers of fashion, although at low price points [page 17].
- Support the New Great Aussie Dream – Gavin Duane, market and economic retail expert, provides guidance on how the retail industry can react to more Australians living in dense inner suburban areas. Retailers and shopping centre landlords should consider services such as 24-hour trading and a greater food and entertainment offer [page 22].
- Seamlessly merge the digital and analogue world – Anders Sörman-Nilsson, futurist and innovation strategist, advises retailers on how to best provide informational value to consumers’ increasingly digitised, rational minds while still connecting experientially with their enduringly analogue, emotional hearts [page 25].
- Help your shoppers boost their ‘Status 2.0’ – Dr Amantha Imber, innovation psychologist, reveals how retailers can differentiate themselves by supporting their customers in improving their social media status. Embracing customer desires is key to success in remaining relevant in this changing retail landscape [page 35].
The 2013 Recommended Retail Practice Report can be downloaded from ampcscresearchhub.com.au. Also available are video interviews with Bryan Hynes, Dr Shane Oliver, Belinda Daly (Head of Shopping Centre Marketing) and each of the five white paper authors.
MacroPlan are considered one of Australia’s leading retail economics consultancies. Contact Tony Dimasi, Director of Retail today to discuss your retail property research requirements.