OPINION | Changes in retail and the property sector [Numbers Don’t Lie By Andrew J. Masigan] READ:
By Andrew J. Masiganfic in shopping centers was 65% of its 2019 peak. More people are back to work as unemployment decreased from 7.1% in March 2021 to 5.8% last April. Local and foreign tourism is rebounding too, thanks to fewer restrictions.
Growth of pureplay e-commerce sites like Lazada and Shopee are seen to slow down as consumers migrate to purchasing directly from the e-commerce sites of their preferred brands. The number of consumer brands entering the digital space is growing at quantum rates. Consumers are looking for more convenience when visiting physical stores, says the McKinsey report. Convenience comes in the form of automated checkouts, personalized offers sent to mobile devices, scannable codes to track inventory levels, and product customization.
With these emerging trends, McKinsey offers three bits of advice to retailers. First, adopt an omnichannel strategy with respect to marketing. Second, align products and services towards greater value for money. Third, enhance the customer experience by offering greater conveniences.Two key trends have emerged in the real estate sector. The first is the permanency of “hybrid operating models.” The second is the overarching trend towards sustainability and reducing carbon emissions.
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