Pursuits
Commercial Property Gets Shakeup From Millennials Who Shun Stuff
- Experience-based retail will fare better, MetLife says
- E-commerce poses a threat to brick-and-mortar retail
People walk through The Shops at Columbus Circle mall in New York.
Photographer: Victor J. Blue/BloombergThis article is for subscribers only.
Landlords of retail properties should counter the threat from electronic commerce by turning to dining and entertainment to attract a younger generation of customers, according to MetLife Inc.’s asset manager.
Millennials have a higher “experience-to-stuff” ratio for their disposable income than members of the baby boomer and Gen X groups had when they were 24 to 35 years old, MetLife Investment Management said Thursday in a report. Those spending patterns have helped drive superior results in recent years at the more dynamic shopping locations, according to MIM.