Report: Outlet Summit concludes "Boring retail is dead" - MAPIC 2018

Although MAPIC starts tomorrow, retail discussions have started today with two summits taking place in Cannes – which have completely sold out. While the leisure summit was taking place for the first time at the Palais des Festivals, the week of MAPIC kicked off with the Outlet Summit at the incredible Hotel Majestic.

Chaired by Chris Igwe, co-founder of More or less, the summit featured a wide range of speakers from different countries and retail backgrounds covering upcoming outlet projects in premium destinations and the convergence of the outlet market to e-commerce.

Selected thought leaders from Nike, Levi Strauss, Neinver and Coniq – to name a few – have shared key data and insights on how outlet villages are transforming into lifestyle destinations.

 

“Boring retail is dead”, said Fabien Stutz, head of Property at Nike and it was the catchphrase that pervaded the thoughts of many who spoke. As mobile technology is accelerating shopping behaviours, retailers need to deliver what customers want for the next five years. The need to challenge themselves and to adapt is prominent to deliver excellent services required by consumers.

The new connected consumer is driven by unique experiences, which involves musical events, entertainment activities, food elements and more. Upcoming Scandinavian project Billund Legoland, which mixes leisure and shopping and will be the largest outlet in the area, is a prime example of outlet malls of the future. What about current key outlet malls? Are retailers currently delivering innovation solutions to the “dead boring retail outlet”? Panellists said yes but they all agreed that more can and should be done.

 

“Digitalising the village outlet was our main objective to satisfy customers who cannot get the right size of the outfit they want for example in the physical store”, stated Charlotte Journo-Baur, CEO at Wishibam.

 

The digitalisation of the outlet business starts with partnerships that will reinforce and accelerate the transformation of outlets.

 

 

 

 

Finally, to map the consumer’s journey and improve customer experience, the exchange of data is key according to experts. When used appropriately, it can shape the future of outlets and help deliver better performances for retailers. New challenges that retailers and landlords  face now is to make it happen.

 

 

 

 

The MAPIC outlet summit has successfully brought together around 300 delegates to exchange ideas and best practices to re-invent the outlet business model in this rapidly evolving market.

 

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Pascal Iakovou is Social Media Manager for Reed MIDEM's MIPIM & MAPIC brand real estate events.

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