Brick-and-mortar stores are changing the way they do business to appeal to Millennials.
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FOX Business’ Lauren Simonetti on Tuesday visited Brookfield Place in downtown Manhattan – an upscale mall with luxury stores, experiential events like ice skating and winter lights shows and a food court with free tastings.
“It’s all about experience and adding luxury to that,” Simonetti told FOX Business' Stuart Varney. “Monica and Andy, it’s a high-end kids' clothing store, just wrapped up a mommy-and-me music class inside the retail store.”
International Council of Shopping Centers CEO Tom McGee on FOX Business’ “Mornings with Maria” said despite concerns over the death of physical retail, 90 percent of all consumer sales still happen in a store, as malls expand into experiential shopping.
“People [are] spending more money on experience and services, particularly Millennials and aging baby boomers,” he said.
The only way to get the Millennial consumer shopping the luxury market, Simonetti said, is by adding experience.
“The Millennial consumer is actually 35 percent of overall luxury sales right now,” she said. “It’s hard to believe.”