Landlords get innovative to encourage brick-and-mortar retail
A number of retail merchants have noted the increased popularity of online shopping. Data from comScore suggests consumer ecommerce spending grew by double digits during the first quarter of 2013. This has lead many merchants to scale back on brick-and-mortar expansions while investing more into online shopping platforms.
According to Forbes, many retail landlords have fought back by offering new leasing and promotional products designed to complement the industry. For example, Kimco launched the KEYS program to assist startup retailers with operations through the first few years of business.
"Weingarten has also developed a proprietary communication platform where the company provides innovative leasing, consulting and operational support for existing and proposed tenants," the news source explains. "This SHOPCENTRIC platform is designed to assist customers with simplifying certain business-related procedures and enabling Weingarten’s tenants to remain competitive."
Best Buy is one of the many retailers looking to become more involved with online sales. The company's new management team recently announced plans to scale back on its brick-and-mortar presence while continuing to improve its online shopping platforms.
