When it Comes to Retail, Developers and Investors Help Improve Experiences

It’s no secret that today’s consumers like bricks-and-mortar for the experiential factor. They want to see products up close and personal, touch them, and even smell or hear them. According to JLL’s 2024 Global Consumer Experience Survey results, consumers are demanding “different and better experiences from buildings, venues and the spaces in between.” Furthermore, “places and spaces” should offer a higher level of experience to beat the competition and “become destinations of choice,” the survey said.

But it’s not just retailers who are in charge of generating unforgettable experiences. It’s also up to developers and investors to create and maintain these destination spaces. Specifically, experiences for end users are “increasingly central to ‘placemaking’ agendas and driving ROI in terms of footfall, consumer satisfaction and spend,” the survey commented.

Based on the information obtained from 3,200 respondents across four generations in 26 international cities, JLL offered insights into generating and sustaining an appealing built environment.  

Experience At the Heart of Places and Spaces

While people like to travel, they also want new experiences in their home cities; 76% said cities should offer new experiences to stay relevant. While experience can differentiate a real estate development and “destination” places and spaces, they “should be carefully tailored to the local content and expected consumer base,” the survey said.

Integrate Experience Factors Across Developments

Factors to enhance the consumer experience include “values-alignment,” “human connection,” “personalization” and “memorable moments.” Also, when choosing an experience, those surveyed said brand reputation and recommendations were important after safety, affordability and access. In addition, people want to engage with places and brands reflecting their values. JLL suggested that data-driven approaches can help build localized consumer experiences.

Connect the Digital and Physical

Combining digital and in-person experiences in real estate does two things: It boosts consumer appeal and helps tailor experiences to individual requirements. This can be done through tools like phone apps or augmented reality devices to help enhance experiences.

Focus on Human-Centric Designs

Great designs of places and spaces help generate a feeling of belonging, a sense of place, safety and affordability. While the respondents deemed safety and affordability important, issues like “feeling able to settle down” and “selection of amenities” were also important. JLL suggested that such spaces could be pedestrian-friendly, accessible and healthy, which works for all generations.

Understand the Value of Shared Experiences

Finally, humans need connection—respondents ranked social and shared experiences as very important. “Successful ‘future places’ will put shared experiences and social activities at the heart of their strategies, considering social capital alongside economic factors,” the survey said. Developments in which people have a sense of community tend to perform better, generating a higher rate of return.

To Conclude . . .

The survey suggested that successfully pairing experience-led strategies with long-term development and financing plans requires understanding consumer requirements and needs.

“As the global experience economy continues to evolve, the pressure to innovate will only intensify,” the survey noted. “Those who leverage data-driven insights and harness the power of experience will transform their real estate offerings into resilient, human-centric destinations that not only captivate consumers but drive long-term value.”