RESHAPING RETAIL REAL ESTATE. Contemporary U.S. Retail Concepts and their ability to disrupt Real Estate Markets

Franziska Tostmann, Dietmar Wiegand
2020
Retail is standing at an inflection point. Experts state that the retail apocalypse, characterizing the closing of numerous brick-and-mortar stores, has been the previous decade and still is in full swing.While many retailers are not surviving the retail revolution, others are emerging out of innovation and transformation. Major U.S. cities are bringing out new retail concepts, which solve problems of online and brick-and-mortar trade and impact real estate markets subsequently. This
more » ... ly. This dissertation project aims to identify and categorize new retail concepts. Furthermore, it targets the question, "Which problems do these concepts solve?" and "how do these concepts impact real estate markets?".Conclusively, this thesis discusses the potential of the new U.S. retail concepts to be transferred toother developed markets as for example Vienna, Austria, and their impact on the local real estate sector.The thesis is designed as a qualitative study based on a literature review providing a theoretical basis, desktop research, and field investigations in New York City as well as Vienna and two in depthcase studies based on expert interviews concludingly giving answers to the above-posedresearch questions. The novelty of this research focuses on presenting a model for categorizing new retail concepts and investigates their impact on developed real estate markets. Furthermore, the transferability and impact of these emerging concepts on other mature markets are analyzed, leading to presumptions regarding the future of retail real estate.Literature, desktop, and field research result in the categorization of ten main concepts shaping the contemporary retail market, namely:Alternative Points-of-Sale, Community Spaces, Hybrid Spaces, Inspired by Online Retail, Last-mile-Solutions, Paid Experiences, Pop-up Stores, Rental Memberships, Retail-as-a-Service and Vivid Experiences.The in-depth case study research investigates and illustrates the model behind retail-as-service andlast-mile-solutions. New York City native company Showfield [...]
doi:10.34726/hss.2020.71661 fatcat:zigvrs2n2fdhtn7ovv4xgecofa