This CREtech webinar discusses the impact of return-to-office trends and population migration on the retail sector. Placer AI, a location analytics firm, provides insights based on mobile device data. The conversation covers topics such as the current state of office recovery, the shift in office visitation patterns, the impact on retail performance, the suburban opportunity, and the Renaissance of brick-and-mortar retail. The discussion highlights the rationality behind migration patterns and the need for retailers to adapt to the changing behaviors and preferences of consumers. The conversation explores the concept of the store as a platform and the evolving role of brick-and-mortar retail in the digital age. It highlights the importance of creating a seamless omnichannel experience and leveraging the unique advantages of both physical and digital channels. The discussion also touches on the changing identity of retail spaces, with a shift towards mixed-use developments and a more diverse tenant mix. The conversation emphasizes the value of flexibility in retail real estate and the need for continuous innovation and adaptation to meet changing consumer expectations. Overall, the outlook for retail in 2024 is positive, with opportunities for growth and success.

Takeaways:
- Return to office trends and population migration have significant implications for the retail sector.
- The recovery of the office sector is still ongoing, with different cities at different stages of recovery.
- The shift to hybrid work is here to stay, and it impacts office visitation patterns and retail performance.
- The suburban areas are experiencing a surge in popularity, driven by the desire for a higher quality of life and more affordable living.
- Brick-and-mortar retail has experienced a Renaissance, with consumers valuing social experiences and the ability to touch and feel products. - - - - Creating a seamless omnichannel experience is crucial for retailers to maximize the benefits of both physical and digital channels.
- The store as a platform offers unique advantages, such as the ability to engage with customers, provide a tactile experience, and drive brand loyalty.
- Retail spaces are evolving to include mixed-use developments and a more diverse tenant mix, catering to changing consumer preferences.
- Flexibility in retail real estate is key, allowing for pop-up events, experiential activations, and the ability to adapt to changing market conditions.
- Innovation in retail should focus on adjacent improvements and evolution rather than revolutionary changes, maximizing the value of existing assets.
- AI is already impacting consumer behavior in areas such as data analysis, cybersecurity, and operational efficiencies, but its full potential is still being explored.

Check out Placer.ai: https://www.placer.ai/home-new