Peter Lowy Discusses the Future of Retail at the Milken Institute Associates Breakfast
Peter Lowy, CEO of the Westfield Group recently sat down with a group of retail and consumer advocates to talk about the future of retail in the US and around the world. He discussed how Internet sales have impacted physical sales in the past. He quoted that some in the retail industry were predicting that the Internet would be the death of brick and mortar stores. The fact is that Internet sales have enhanced traffic to brick and mortar stores in some cases.
The Internet will continue to play a strong role in sales but the combination of brick and mortar stores and the Internet will grow.
Newer markets are opening up but businesses still need to be cautious and do their homework before entering in.
Prediction # 3
Newer and more sophisticated technology such as robotic servers are fast becoming a part of the retail landscape.
The future of retail services is tied to costs and labor retention. In some cases automation will assume roles that would have normally been served by humans. The economy will also continue to play a big role in retail.
Lowy has an unique understanding of the retail markets in the US, UK, Australia and New Zealand due to his 28 year experience in those markets. He has been named one of the best performing CEOs by Harvard Business Review. His insight of the commercial real estate industry comes from his ownership of 124 shopping centers in the US, UK, Australia and New Zealand retail markets.
At his malls Lowy has installed free WiFi to encourage shoppers to stay and shop. He noted that shoppers appreciated the ability to access information remotely. The combination of Internet tools and physical sales has been working beautifully at his shopping centers. Click on peter lowy associates breakfast for more details.