MAY ISSUE: Millennial Magnets
- May 12, 2014
This spring, customers age 14 to 25 can win a $500 gift card at four properties owned by Forest City Enterprises Inc. Rather than the usual retail center promotion, the prize is part of a study commissioned by the Cleveland-based REIT: an online survey of young shoppers who visit centers located in West Virginia, Pennsylvania, Nevada and California. Forest City aims to find out what brings these shoppers to its properties and how to get more of them in the door.
The survey was prompted by an alarming end-of-the-year slump in sales at stores targeting that age group. “The fourth quarter was a big wakeup call for the retailers,” noted Jane Lisy, senior vice president of marketing for Forest City’s retail division. The survey, she added, will help answer the multifaceted question, “Why did the Millennials go away, and how can we get them back?”
The REIT commissioned the study in response to a paradoxical trend: Even as the retail sector in general continues to bounce back—with positive implications for leasing, pricing and development—the end of 2013 demonstrated a significant decline in sales to consumers age 14 to 34.
Read the full article in the May 2014 issue of CPE. Access is free!