Wednesday, October 2, 2013
Young Shoppers Still Prefer Shopping Centers to Online Retail
Hunter Communications Original News Source:
The Baltimore Sun
Link to article:
E-commerce Hasn't Killed the Shopping Mall
Excerpt: "Just as video did not kill the radio star, the Internet won’t kill the shopping mall anytime soon. The shopping habits of Generation Y show why.
Buying almost anything online may be as much second nature as texting for many in the first generation to have grown up with e-commerce, but millennials still do most of their shopping in stores, especially those that keep their offerings fresh and make the experience social, according to research from the Urban Land Institute.
There are 80 million consumers between 18 and 35 nationwide. Collectively, they spend $200 billion a year across all categories. It’s little wonder Generation Y has become a key segment for retailers and shopping center developers alike.
'They’re hugely important, the largest demographic in American history — bigger than the baby boomers,' said Maureen McAvey, senior resident fellow for retail. 'The fact that there’s simply so many of them makes them important. Beyond that, they’re in the household formation part of their lives. Baby boomers are starting to downsize. They’ve acquired so much stuff, and they don’t buy as much. Gen Yers are just starting to get out of their parents’ houses and forming their own households.'
The report, based on an online survey of 1,251 Gen Y members and a focus group at Columbia University’s Graduate School of Business, found that nearly half of Gen Yers enjoy going out shopping, while 37 percent said they love to shop. Only 4 percent said they hate shopping. The research showed millennials are multi-channel shoppers — visiting retailers online and in person — with no real preference for one type of store or shopping center over another...
The research showed more than half of millennials go at least once a month to discount department stores (91 percent), neighborhood shopping centers (74 percent), malls and department stores (64 percent) and chain apparel stores (58 percent), though
45 percent spend more than an hour a day looking at retail websites. Pedestrian-oriented developments appeal to Gen Y, and 70 percent of the women — and half of the men — consider shopping a form of entertainment. Almost two-thirds of the survey respondents visit enclosed malls at least once a month."