E-Commerce is fuelling consumption faster in most economies in the Asia Pacific region while Quick Commerce – delivery of products in less than 20 mins is a pioneering concept exclusive in India. Yet, offline retail, where consumers shop at malls and high streets is not seeing any such trend where they are at an existential threat.
Leading Real Estate giant CBRE has released its 2024 Innovation Index for Retail which enlists 12 key attributes on how innovation in retail real estate is being fuelled by the industry stakeholders.
With brick-and-mortar retail space remaining an integral part of consumers’ shopping journey, retail real estate continues to play a major role in the creation and delivery of innovative brand experience.
The size of a city’s consumer base is a key consideration for retailers seeking to measure the potential market. Asia Pacific is home to many large metropolitan areas that offer opportunities to expand at scale.
Spending per capita varies substantially across Asia Pacific. While there exist several developed markets for high price-point products and services, several large metropolitan areas are still at a developing stage.
Younger generations are typically more receptive to new brands and ideas. While many economies in Asia Pacific are seeing rapid ageing at a national level, cities continue to be home to large young populations.
Tokyo, Seoul and Shanghai have been identified as top markets for retail consumption while Bangalore, Shenzen and Brizbane have been identified as potential markets that seem to show significant growth in the upcoming quarters.
Among the demographic profiles of consumers, GenX (born b/w 1965-80) are gradually assuming positions of leadership in business and politics while the Millennials (born b/w 1981-96) are gravitating towards purchases that help them express themselves.
Gen Z (born b/w 1997 – 2010) are moving towards products that enable them to showcase their lifestyle on social media while Gen Alpha (born b/w 2011-25) are currently dependent on their parents who are Gen Z and Millennials.
These, and more such useful insights for retailers, brand owners, operators of shopping centres and malls are available on this link.
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