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By Valerie Richardson, CRX, CLS
As vice president of real estate for The Container Store and a longtime ICSC member, I am proud and excited to serve as ICSC’s first chairman from a retail organization.
As we’ve heard frequently from the media, both retail and the retail real estate industry are going through what some have called a “seismic” shift. Driven by a number of key factors — changing buyer behaviors, the demand for experience-based shopping, growth among emerging brands, maturing populations, et cetera — retailers are having to meet consumers where they are, both online and offline, and now more than ever. While this is not completely new, being more acutely aware of in-store shopper expectations, competition and trends in specific markets and communities is having a significant impact on business strategies for retailers and operator-developers.
Speaking at RECon 2018
Navigating this evolutionary change successfully requires solid relationships with my retail peers and our landlord partners. During my decades-long career supporting the growth of several retail brands, I’ve seen first-hand how making the right connections can turn retail business challenges into important development opportunities. Both retailers and landlords serve the same customers — we must combine efforts to create relevant, compelling shopping experiences in our stores and shopping centers.
That’s where ICSC comes in.
With a network of some 70,000 members worldwide, ICSC is uniquely positioned to bring retailers, developers, lawyers, landlords, consultants, vendors and other industry stakeholders together to build the relationships needed to keep the physical-store side of the retail business moving forward.
According to a recent ICSC study, about 90 percent of Millennials shopped in a store during the 2017 holiday season — an important reminder that brick-and-mortar is vital to the future of the industry.
Additionally, retail real estate in the U.S. supports roughly 34.8 million jobs. The industry generates about $321.8 billion annually in state sales taxes and $68.8 billion in local property taxes. Those revenues fund critical infrastructure, education, police departments, fire departments and parks.
“Retailers can specifically benefit from gaining insight into industrywide business and technology innovations, trade-area analysis, broker management and sales forecasting”
Through its nearly 200 local, regional and global meetings and events annually, ICSC enables essential networking among peers and experienced leaders, and promotes best practices and knowledge-sharing. Retailers can specifically benefit from gaining insight into industrywide business and technology innovations, trade-area analysis, broker management and sales forecasting. ICSC also offers professional development opportunities designed with future leaders in mind by funding scholarships that support students interested in our industry, through the ICSC Foundation, and by providing professional career-enhancing seminars, classes and webinars on relevant topics. In addition, the organization works to protect the public-policy interest of its members and is committed to helping to foster more diversity and inclusion throughout the retail real estate industry.
Whether my company is opening two, 20 or 200 stores, my primary professional, policy and relationship resources begin and end with ICSC.
Even though technology is changing the way we do business, the relationships facilitated by ICSC matter as much today (if not more) as they did when the organization was founded more than 60 years ago.
So what’s next?
Throughout my year of service as ICSC’s chairman, I will be sharing my perspectives on the state of the retail and retail real estate industries. I will also be examining the new research, innovations and trends that will propel both forward.
In the meantime, I encourage you to explore ICSC.org for the latest industry news, information and research; to join ICSC if you are not a member; or to renew your membership if it is about expire. Your participation in ICSC enables the future success of our industry.
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