The growth of mixed-use retail, batteries in energy management, the increased number of restaurants and medical services in retail spaces, and blockchain technology are five major trends driving the retail facilities management industry, according to the Professional Retail Store Maintenance Association (PRSM). The association has just released its annual review of the state of retail facilities management and key trends impacting the nation’s leading retailers and suppliers. These trends are driving change across the industry and will require facilities executives adapt new strategies and tactics to succeed.
“The retail industry is evolving rapidly, and it is important retail facility executives understand the trends driving this evolution,” said Bill Yanek, PRSM CEO. “These trends provide great opportunities for today’s retail facilities management professionals to demonstrate their expertise and help their companies and the industry exceed customer expectations.”
A breakdown of the major trends includes:
Mixed-use and Experiential: A silent renaissance is occurring with experiential stores and mixed-use developments leading the way. Physical stores must provide experiences to attract shoppers and shopping centers must become the center of the community.
The Rise of Restaurant Retail: Retailers are turning to food to provide something extra, and they are creating cross-promotional partnerships to provide culinary experiences.
There’s a New Doc-in-the-Big-Box: Doctor’s offices, medical centers, pharmacies, and other healthcare businesses are opening in shopping centers and in retail stores. Eighty-nine percent of enclosed malls now offer some type of healthcare service.
Retail Batteries – Now Included: Today, retailers can employ chemical, and refrigerated battery storage to cut energy costs, achieve sustainability goals, and generate revenue. In retail energy management today – batteries are included.
Blockchain in Retail Facilities Management: Technology is a driving force in retail facilities management and blockchain has the power to revolutionize contract management, work order processing and tracking, payment processing, and facility transparency.
Download the PRSM Association 2019 Trends Report to learn more about how changes in the retail industry are impacting retail facilities management today.