Big retail debate in real estate.
As to where the retail path will continue, the follow-up to the Philippine urban land institute (ULI) is called “debate: the future of retail”.
ULI Philippines together with the space group, recently convened a panel of experts, the team is ready to solve the local retail industry will be in the next five years and where is the problem over the next five years – all of these are green belt in space.
With the trend of innovation, technology and the rising of consumer preferences, chaos in retailing, developers and consumers will first think of a few questions: shopping malls of the future will be affected? Will physical stores become obsolete? Technology can overcome bad infrastructure.
This new format provides a frank answer to these questions from the audience and speakers. The panel members in the debate covered the scope of the industry; Richard Raymundo, deputy general manager of colliers international, Philippines; Christophe Vicic, national director of JLL Philippines; Zid Santos, CEO of The Anthem Group; Kevin Yapjoco, manager of Signet Philippines. They are eager to communicate and share knowledge with the audience.
They all conveyed their opinions and agreed or disagreed with their statements. They agree that physical stores will remain in the local environment – they only need to change and change over time. Even in Europe, says Vicic, physical stores still exist, despite the massive online penetration.
While the Philippines is relatively young for emerging online markets, it responds quickly to rapid changes in consumer behaviour. Most retailers have introduced different concepts in food and drink and entertainment to ensure that consumers will go to actual stores. But encouraging the concept to embrace e-commerce, since digital components are no longer a “good thing” – are now part of the relevance.
Foreign brands will continue to dominate local brands. Mr Raymundo shares that the only dominant place in the local brand is furniture. But this may be due to ikea’s arrival on the Philippine coast.
For large shopping mall is affected by more, Yapjoco provides a different point of view from the rest of the panel Angle, they think the big stores will remain relatively unaffected: for him, compared with shopping malls, medium-sized bazaar has more flexibility and unique concept of space with retailers can’t distinguish between different cities.
For all the team members, real estate developers will continue to play an important role in retail. Mr Santos points out that the lease portfolio and location are part of the developer’s strategy to stay relevant to the industry.
In The second part of The debate, two other panelists joined The fray: Ernest Sy, managing partner of The Millennium, a development and social-media marketing agency. Kolleen Feria, senior marketing officer and director of retail business for Philip & sons. They offer a background in retail marketing – challenges and advice for those interested in getting involved in retail.
About whether the Philippines all retail businesses will globally competitive problem in the future, or the owner of the expert group for yarn lisa advice, let the debaters with local text to use their knowledge. To this end, Sy advocates the use of digital technology. This is not limited to social media email campaigns, text explosions, and search engine optimization are all ways of leveraging evolving technologies. Online presence will help local businesses compete with foreign companies.
The panel was divided as to whether the question of whether to support real estate or e-commerce began to play a role. When asked whether they invest in physical stores or e-commerce, most team members choose the former. Feria would rather invest in the latter because she sees the phenomenal growth of e-commerce, who says where the next five years will be? The potential for returns may exceed expectations.
The debate ended with more questions from the audience, because there was no clear winner because there was no actual defense. For all team members, the continuing theme of retail is different, whether it is developers, retailers or consumers. It can only be learned from experience and global trends, most of which are transferred with the advent of technology.
It can be said that the future of retail will enjoy the combination of the two. Consumers can benefit from a variety of options, while developers and retailers may face further challenges to maintain fierce competition with foreign brands. What they can conclude is that the future of retailing is exciting and full of opportunities – depending on the key factors of risk.
The event has attracted more than just retailers and developers, who are eager to learn more about the future of retailing. The event is hosted by the Philippines, the Philippines’ leading space agency. This is A Space between the ULI and many of the activities of the first cooperation, to promote the real estate industry and the millennial generation, joint promoters and other innovative professionals substantial discussions about the situations.
ULI is a non-profit research and education organization supported by members. Its mission is to provide responsible land use leadership and to build and sustain prosperous communities around the world. Founded in 1936, it now has more than 40,000 members worldwide, representing all areas of land use and real estate development, engaging in private enterprise and public services. These events encourage the public to discuss the current trends of all real estate practitioners. Retail is one of the strengths of the local Philippine market, and time will tell whether it can face the future.