1. MORE+ Vision n°4
January 2012
Vision by
every 2 months: 1 consumer trend briefing • 4 retail real estate player’s viewpoints • online follow-up
What’s in store
for 2012
NEW YEAR What 2012
EXCLUSIVE has in store
EDITION for the retail
real estate
industry
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WELCOME TO AN
EXCLUSIVE EDITION OF
MORE VISION BY MAPIC
WHAT’S IN STORE
FOR 2012
Dear readers, users, viewers, of More Vision
“ We are extremely happy to introduce our very special January edition
of MORE Vision, featuring more news, more exclusive content, more
videos, and more in-depth analysis and commentary from our invited
guests, special contributors and our research and web searches. This
new year edition is also the perfect occasion for us to thank you all for
your interest in the bi-monthly More Vision, which has seen a steady rise
in sharing, commenting and ‘liking’ with each edition. All the team here
at MAPIC, MIPIM Asia and MIPIM thank you for your interaction and
feedback, and we would like to take this opportunity to wish you a very
happy, productive and successful 2012.”
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INSIDE THIS ISSUE:
7 MAJOR TRENDS TO WATCH OUT FOR IN 2012
10 editor-in-chiefs show you their vision of the P. 4
industry’s future
TREND REPORT: RETAIL RENAISSANCE
Why customers enjoy shopping for your products P. 8
and services in the ‘real world’ more than ever
FIND EXCLUSIVE INTERVIEWS FROM:
• Barbara Turf, Crate & Barrel's CEO
• Richard Akers, Managing Director, Retail, Land Securities
• Kate Ancketill, GDR Creative Intelligence's CEO
FUTURE RETAIL & BONUS
1. Video: “New generation of shopping malls: P. 14
what’s next?”
Laure Colliex hosts a round table at MAPIC with Isaac Kalisvaart, Philippe Journo and
Marc Blum
2. Video: Kate Ancketill’s keynote at MAPIC:
“Science Fact: Future Retail”
3. PDF: Kate Ancketill keynote at MAPIC:
“Science Fact: Future Retail”
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7 MAJOR TRENDS TO
WATCH OUT FOR IN 2012
We asked 10 specialist real estate editors-in-chief to define the
most important issues for the retail real estate industry in 2012.
We identified 7 major trends.
Centros Comerciales Commercial Real
Nuevo modelo de retail Estate Estate Gazette Eurobuild Immobilien Zeitung
en un momento de Economy is the threat The retail market in
New Cities, New Der Laden um die Ecke
cambio but digital remains the Poland has not
Formats, New Brands kann die Keimzelle eines
challenge overheated
* New retail model in a
time of change
Weltkonzerns sein
Today’s corner shop
* could be tomorrow’s
global retail giant
Property Investor Property EU Sites Commerciaux
Magaza Dergisi Europe Run on retail continues Retail Property La ville est très
2012’ de Perakende MAPIC 2011 flouts Analyst importante ; la périphérie
Dünyasi Cannes echos of dramatic l’est aussi
Wish you were here?
* The retail world in
2012
euro, economic events Postcards from the
* City centres are
abyss extremely important;
the suburbs are too
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To read
full articles,
Awful year for high streets in the UK. Vacancy please
1
Adapt to the new “ rates in some streets are approaching 30%”
Estate Gazette
Jones Lang LaSalle predicts that by 2020, more
click here
“
economic situation: than 50% of all non-food retail transactions will
be digitally influenced in mature markets”
The rise in online sales Property EU
and vacancy levels on
the high street
“
A lack of funding has been steadily worsening
since the beginning of the economic crisis”
Centros Comerciales
2
Shopping Centres must see this new
“ distribution channel as something positive and
try to redirect their business strategies to use
the internet to their best advantage”
Centros Comerciales
Multichannel
Multichannel: “Retailing
“
Retail operators are keen on the development
of new formats […] IKEA contemplates the strategies that combine
opening of stand-alone stores”
CRe
internet marketing with
physical store sales”
“
The impact of digital, the single biggest
medium-term influence”
Estate Gazette
Customers are increasingly more demanding and, as a
3
“
result of the economic crisis, consumer habits have
changed. It is therefore vital that business people and store
owners adapt their strategies to new consumer needs”
Regeneration and Centros Comerciales
new store formats
Regeneration: “How to revitalise
existing premises […] bringing them
“
Retail operators are keen on the development of
into line with modern enticements new formats […] IKEA contemplates the opening
that turns the shopping experience of stand-alone stores”
into a social & entertainement CRe
event for the family”
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To read
full articles,
Shopping centres feel an acute need for
“
please
4
unique and unsaturated brands that have never
been represented in the Russian market”
click here
CRe
Growing middle-class in
“
(In Russia) the low 13% income tax rate and
fast growing countries buoyant economic base have generated a rich &
and need for growing middle class, around 10m-strong with
international retailers rapidly growing income and consumption needs”
CRe
“
(In Poland) the retail sector […] is still unsaturated,
both in terms of the number of projects and the
presence of international retail chains
Eurobuild
The Russian retail real estate market keeps growing mainly
“ due to regional expansion. The most important trend […] is
keener interest in the cities with half a million-plus cities.”
CRe
5
Regional development:
Focus on
“
More and more investors are showing an
interest in smaller towns. […] 2012 will be the secondary cities
year of ‘convenience stores’ which have areas
not exceeding 5,000 sq m.”
Eurobuild
“
The love the French have for their town centres doesn’t run that
deep. [...] The city centre is a sentimental, historical concept to
be sure, but one that is irrevocably limited.”
Sites Commerciaux
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To read
full articles,
A major driver […] is no longer capital
“
please
6
growth but capital preservation.”
PropertyEU click here
Focus on existing
“
customers’ needs That will be a year for cost-effective
generation, not grand redesigns”
Retail Property Analyst
“
Today, securing deals is extremely important,
more than implementing new projects that, in
the end, never see the light of the day”
Magaza Dingasi
2012 looks to be an outstanding year for the retail
7
“ sector. Substantial demand from investment funds and
the launches of new, major projects are raising hope
that Poland will stand out proudly on the European real
estate market map
Eurobuild
New investors and new
investment opportunities
“
Institutional heavyweights including sovereign
wealth funds are also entering the arena and global
players from outside Europe are getting into the act
as well. […] Increasingly, (pension funds) are
deploying capital directly or coinvesting through
joint ventures with specialist operating partners
Property EU
8. MORE+ Vision n°4
January 2012
Vision by
every 2 months: 1 consumer trend briefing • 4 retail real estate player’s viewpoints • online follow-up
Retail
Renaissance
While traditional retail is facing a raft of serious and sometimes deserved
challenges such as bland chains, the growth of e-commerce, sustainability
issues, the financial crisis, demographics and anti-consumerism, most
Inside
people do, and will continue to, enjoy going shopping in the real world. From • The trend briefing
Oxford Street to Nanjing Road, rather than witnessing a decline in physical • Interviews:
retailing, a retail renaissance is in the making: Crate & Barrel
Some of the world’s sharpest retailers are defying the general doom and Land Securities
gloom scenarios, as they realise that shopping in the real world will forever GDR
satisfy consumers’ deep-rooted needs for human contact, for instant
gratification, for the promise of (shared) experiences and for telling stories.
Hence there is a flurry of new formats, technologies, capabilities, and
products that now are delighting retail customers around the world.
We’ve talked to four of you who shared with ‘MORE Vision’ their view in
exclusive interviews - Together with key data, useful links and must-see
video, it makes the fourth issue of MORE Vision.
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The trend briefing
Where does the trend come from ?*
Over the last decade physical retail has come under attack from e-commerce, with wild
speculation about the downfall of traditional retailing as consumers switch their
purchasing online. But as e-commerce matures and multi-channel retail comes to the
fore, the physical world and the virtual world have come together and the new
opportunities provided by technology have created a new dimension for stores.
Many retailers and retail developments are evolving rapidly to encourage consumers to
visit, shop, hang out, eat and drink and connect with others and the shopping
environment has proved that it still provides a unique role in people’s lives.
But this is not simply about putting a store down on a location and expecting shoppers
to flood in. Instead stores, high streets and malls have had to develop increasingly
complex strategies to ensure that they retain customers through excitement,
engagement, convenience and trust.
We’ve chosen four drivers behind RETAIL RENAISSANCE:
1. OFF=ON: How the benefits of shopping online can now be had off-line by
consumers too
2. RETAIL SAFARI: How experiences still rule
3. INSTANT STATUS FIX: How shopping in the real world delivers instant status
gratification in a way that online (still) can’t
4. CITYSUMERS: The future of consumerism is urban, and urban culture is retail
culture
*Source: trendwatching.com a London-based, independent trend firm, scans the globe for the most promising consumer trends, insights
and related hands-on business ideas. Its free monthly Trend Briefings get sent to more than 160,000 business professionals in 180+ countries.”
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Selected links
Opportunity 1: In February 2011, US department store group JC
Selected video
DDR
Penney rolled out its findmore service to 120
OFF=ON stores across the US. In-store, 42-inch touch-
Where OFF=ON gets most interesting is that a screens allow shoppers to view the retailer’s full
online catalogue, check availability in local stores,
whole new set of business practices and processes, share products with friends and scan product bar
not to mention client involvement and marketing codes to receive extra information.
techniques, have emerged online. The online world In August 2011, shopping centre developer
is now completely accessible even when ‘offline’ and Westfield added Google Commerce search
for retailers this means a world where not only have functionality to its in-mall mobile app to save
consumer expectations been set by a decade of shoppers’ time in its malls. Shoppers can search
shopping online, but one where consumers can ac- and compare prices across retailers in their local
Westfield shopping centre, and call the local
How do you see it?
cess all the things they love about e-commerce – Share your view and join in
retailers to check availability with one click.
convenience, the ability to hear other consumers’ ex- the discussion!
periences, total price transparency, and virtually en- UK grocer Tesco will roll out its free Wi-Fi service
to all of its Tesco Extra stores across the UK,
dless choice – out in the ‘real world’ too. Doing this
powered by UK broadband and mobile operator What could you bring from the online
will increase sales and improve customer satisfaction O2. Visitors to Tesco Extra stores will get free, world into your store or mall
by reassuring shoppers that they are purchasing the unlimited access to the in-store wireless Internet environment?
best of the best, at the cheapest possible price. service simply by signing up with their Clubcard
number. For those without a Clubcard, the What will convenience look like next
service will be free for 15 minutes every 24 hours. year, and in five years?
Singapore-based mobile operator SingTel Post your answer
launched its flagship store in Singapore’s 4here
Comcentre in July 2011. The store’s exterior
glass walls have embedded, interactive digital
touchscreens in them, meaning that the store is
effectively open 24/7.
4More links on trendwatching
Selected links check-in to stores to win prizes. Every
Opportunity 2: In January 2011, Kraft and Intel
88th person to check-in wins a free
movie ticket, every 88,888th person to
Retail safari partnered to launch The Next
Generation Meal Planning Solution,
check-in wins a ticket for a zero gravity
experience, while the 888,888th
a kiosk that provides users with
person to check-in will win the grand
customised recipes and offers to help
prize of a sub-orbital space trip.
them plan meals, with directions to
relevant in-store products. 4More links on trendwatching
In July 2011, American Express launched
two social commerce initiatives for both Selected video
consumers and businesses: Link-Like- Shopkick
Love, an app that gives users
personalised discounts based on
Facebook ‘Likes’ and check-ins, and Go
Social a tool that enables retailers to
Shopping moments are now ubiquitous: in the real
offer customers offers integrated with
world nearly everything now has a retail Foursquare and Facebook.
component, which means that over the last few
Shopkick, is a location-based gaming
years, smart retailers have looked hard at what app that dispenses ‘kickbuck’ reward
would make them unique and desirable. The ones points to consumers for checking-in to
who have been relentlessly reinventing themselves stores, via sensors that automatically
How do you see it?
understood that while ON=OFF brings extra recognise when shoppers enter the Share your view and join in
store. Retailers such as Macy’s and the discussion!
transparency and information into stores, shopping
Best Buy signed up in 2010, and in Does your retail environment provide
isn’t purely functional. For a large number of anything unique to you?
June 2011 the company announced
consumers around the world, ‘going shopping’ is a
that it was extending the programme Is there some part of your offer which
leisure activity: a way of relaxing, a source of to 1,000 smaller, local stores in a
entertainment or a chance to meet up with friends could be customised to an individual or
partnership with Citi.
become location specific?
and share experiences. Indeed, when consumers go 7-Eleven has partnered with
shopping in person, they increasingly expect to feel Paramount and Foursquare in a Post your answer
or experience something that they can’t get online. campaign that encourages users to 4here
*Source: trendwatching.com a London-based, independent trend firm, scans the globe for the most promising consumer trends, insights
and related hands-on business ideas. Its free monthly Trend Briefings get sent to more than 160,000 business professionals in 180+ countries.”
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Selected video
Opportunity 3: Selected links
Cook & Book is a retail space dedicated to Boxpark, London
Instant status fix books and food in central Brussels. Divided into
nine themed areas, each has a distinctive
decorative style and dining space. Visitors can
savour tea and scones in the English room, or
enjoy a glass of wine while perusing books in
the Art or Music rooms. There is also a children’s
area and regular special events such as an
outdoor cinema programme held in July.
Japanese beauty retailer Shiseido launched its
flagship in Ginza, Tokyo in May 2011. The three-
storey store offers virtual make-up simulator
kiosks, which allow customers to try many How do you see it?
different products without putting them on, Share your view and join in
while the upper floors are devoted to the discussion!
experiencing the products, with a photo studio, Does your retail offer or location
luxury consultation and treatment suites. make customers feel special?
Whether it’s the sensory impact of walking around a Italian lingerie retailer Angelique Devil offers a Interaction, mood, technology –
store, flaunting the bags, being served by caring shop number of experiences, including ‘Sensual worthwhile investments or costs?
personnel or just purchasing items in an environment Fashion Set’. Customers receive a consultation
Post your answer
with other people looking on, a shopping experience with a make-up artist and stylist, before a photo-
shoot with a professional fashion photographer. 4here
in the real world delivers instant status gratification in a
After the session, a private screening is held and
way that online (still) can’t. the customer receives a DVD and five photos.
That can also be achieved by forgoing chain-wide rol- Gomus is a Brazil-based music branding company
louts or borderless e-commerce and would appeal to which provides a distinctive retail environment
consumers wanting the excitement of having to physi- using sound. Gomus embeds RFID tags in
cally go and buy something. Selling something in just clothing, and when a customer tries on items in
one, or limited (geographical) locations will trigger en- the changing room, they are played a song
thusiasm, PR, status stories and premium prices. chosen to match the feel or mood of the clothing.
4More links on trendwatching
Opportunity 4: Selected links Selected video
US drugstore Duane Reade opened a flagship House of Fraser, Liverpool ONE
Citysumers store on Wall Street in July 2011. As well as a
pharmacy and onsite doctor, the store
The trend towards Retail renaissance fits directly with our contains hair and nail salons, virtual makeover
MORE Vision 2 trend briefing, Citysumers and the kiosks, secure cell phone charging stations for
unrelenting urbanisation and the expansion of consumer customers while they shop, and a shoe shine
culture. Urban dwellers have more disposable income, service (the latter's proceeds going to charity).
more leisure time and virtually limitless opportunities to Radar Hair and Records in Seattle offers
spend it. While this is obviously true in urbanised mature hairstyling services in addition to a selection of
vintage clothes, accessories and vinyl,
markets, the real story is in emerging markets. Consider:
meaning that consumers can browse the
Chinese retail sales in July 2011 rose 17.2% (Source: store while they enjoy a cut or color. The How do you see it?
National Bureau of Statistics, August 2011); between store-salon also hosts evening events, such as Share your view and join in
2001 and 2010, retail sales in developing markets went concerts, art exhibitions and fashion shows. the discussion!
from 35% of the global total to 42% (Source: AT Kearney, In April 2011, to celebrate the launch of its Should urban stores or malls
June 2011); Asian retail sales are forecast to grow from boutique on Via Condotti in Rome, Christian reposition their offer to maximise
$5.4 trillion in 2010 to $8.5 trillion in 2014 (Source: PWC Dior re-issued a handful of its iconic French their location?
& Economist Intelligence Unit, January 2011). Lady Dior bags that could only be purchased
from the store. Each bag contained a special Is it retail, leisure or services
label: ‘Christian Dior Paris – Made in Italy – which best provide
Rome Limited Edition’. differentiation?
L’Imprimerie is a footwear exhibition and retail Post your answer
space in Paris which renews the goods it sells
4here
each month. When the permanent pop-up
store offers a new collection, the boutique is
relaunched with a party and exhibition.
4More links on trendwatching
*Source: trendwatching.com a London-based, independent trend firm, scans the globe for the most promising consumer trends, insights
and related hands-on business ideas. Its free monthly Trend Briefings get sent to more than 160,000 business professionals in 180+ countries.”
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Retailer: How can you bring more of the online case the whole range. When we come to Eu-
Barbara Turf, CEO, Crate & world into your environments? rope we will maintain that approach, which
Barrel We have a plan to become one of the top is critical to what we do. I think we’ll be in
three most recognised homewares retailers London in the next three to four years and I
in the world and to achieve that we obviously expect the first stores to be in malls.
need global expansion. We spent a lot of
time making sure that the website reflected How do you make your stores specific to
what we try and achieve with our stores and their location?
we ship to over 90 countries. But the stores Firstly, location is very important, which is
are integral to Crate & Barrel and always have one of the reasons why we haven’t opened
been. in Europe yet. In the past year I have been to
London four times and taken a look at both
What now makes a good shopping expe- Westfield shopping centres, Bluewater and
rience and how do you see that changing? central London. But high rents, high opera-
We spend a lot on our stores and that does tional costs and availability have stopped us
make establishing a new store expensive, making a move. Every store we open is ar-
but we have always believed that the archi- chitecturally and merchandise specific to its
tecture is an integral part of the Crate & Bar- location. One of the challenges for us is that
rel offer. That approach does lend itself more we have to be sure any franchising partner
to high street stores but we also operate understands our ethos. We’ve been fortu-
from malls and as such we need 2,000 sq m nate to work in the Middle East with Al Tayer
@ CrateandBarrel as we do not want to downsize our format. and they have really done it well and we’ll be
So units have to be large enough to show- exploring more opportunities with them.
Developer: How can you bring more of the online gure space. That keeps the centres fresh and
Richard Akers, managing world into your environments? dynamic for shoppers and in fact helps retai-
director, retail, Land Securities The basis of our digital strategy is how we lers to move out of under-performing stores,
can produce a better customer experience but of course that loss of control is tough for
for our shoppers. For that we have a wide retailers to accept, although they have adap-
range of programmes, including the introduc- ted very well in the designer outlet model.
tion of free Wi-Fi into our centres, social As an example, at our Gunwharf Quays des-
media activity to promote student lock-in igner outlet we change around 15-20% of the
events, fashion events and community enga- stores and food offer every year.
gement through Facebook, Twitter, Fours-
quare and so on. But we have also taken the How do you make your stores specific to
decision to go only with proven technology. their location?
We have also tied up with Amazon to test As part of our objective to operate stand-out
click-and-collect collection points and we will shopping centres, in all of our projects we try
be doing more to facilitate click-and-collect in to make our scheme the centre of its com-
our centres. munity, which means using the facilities to
offer training, advertising jobs in the centre,
What now makes a good shopping expe- further education and helping to raise money
rience and how do you see that changing? for local charities. At Trinity Leeds, which
I’ve long put forward the hypothesis that opens next year, we have run a movie making
@landsecurities landlords need the sort of control that we competition in conjunction with the cinema
have with our factory outlet centres, enabling operator Everyman, which has engaged with
us to move retailers in and out and reconfi- Leeds’ more fashionable youngsters.
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Guest: How can you bring more of the online a stop. This time round big corporations rea-
world into your environments? lise this is the way we are going to live for
Kate Ancketill, GDR
The digital revolution is ongoing and it tends some time and we just have to carry on and
to throw up a lot of the most exciting things constant innovation is part of that.
we are seeing and if anything we have to
hold back because not everyone wants to be How do you make your stores specific to
swept away when they are still concentrating their location?
on their physical stores. We are finding a lot One major challenge for retailers and brands
of interest in the convergence of digital and is how to connect with new customers and
retail. Most retailers are looking to combine we continue to see a lot of work being done
technology with their store estate and espe- with pop-up stores. These temporary outlets
cially mobile, because of the potential of a are ideal, creating a ‘be there or be square’
hand-held device interacting in-store. As part event and driving a lot of dynamism into re-
of that we are seeing brands versus peer tail locations. They also allow brands and re-
group reviews, and even super peer-groups, tailers to connect with new locations. Procter
where customers source views from inde- & Gamble recently ran an e-store pop-up in
pendent experts on products. Prague where QR codes were used for pur-
chasing and home delivery and more such
What now makes a good shopping expe- concepts may pop-up all over the place! It re-
rience and how do you see that changing? mains ideal as a vehicle for brands to test
Despite the current downturn I think we are concepts and reach out to consumer groups
@gdruk in a different market from the last crisis, in that they are not normally comfortable with
2008, where innovation pretty much came to and that they do not normally target.
Polarisation: Boutique The need to create a sense of place and expe- AMF deliberately did not start by leasing
or big centres? rience appears to be polarising the market yet the shops, instead the first pre-lettings
Mark Faithfull, editor, Retail further, with a clear trend towards boutique, were to three of Stockholm's top restau-
Property Analyst targeted centres or mega schemes like West- rants. The food and retail offers are mixed
field in London or Eurofunds’ upcoming Puerto together and Forsling adds: “The project
Venecia. A joint venture between British Land forms a key link between the surrounding
and Orion Capital Managers, investor Ian Stan- business district and the main retail areas
ford believes that future developments will of Stockholm, describing the mall as "Fifth
”
have to mix “lots of activities, which means Avenue meets the Meatpacking District".
people will say ‘let’s go to Puerto Venecia and As part of the offer there will be two circa
decide what we do once we get there’. ” 250 sq m open-air gardens at first floor
But he adds: “It’s not just about being big, level, interactive artworks and rentable
you need lots of different leisure and retail tree-house meeting rooms.
and it needs to be in the right environment, The approach at MOOD echoes that of
not simply inside a big box. ” Land Securities’ One New Change, adja-
Swedish institutional investor AMF Fasti- cent to St Paul’s Cathedral in London. With
gheter has put the emphasis on place-ma- an extensive, upper end restaurant offer it
king and sustainability for its inner city has been designed specifically to meet the
MOOD development in Stockholm. Head of needs of office workers during the week,
retail Karolin Forsling believes the secret is while still appealing to tourists at the week-
that the scheme is less a mall, “more a end in an area that traditionally did not offer
place – a city within the city.” weekend retailing.
@markfaithfull1
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FUTURE RETAIL & BONUS
WHAT’S NEXT FOR THE RETAIL REAL ESTATE INDUSTRY
2012 as seen by retail real estate specialists at MAPIC 2011
MAPIC 2011 – New generation MAPIC 2011 – “Science Fact:
of shopping malls: what’s next? Future Retail”
In five years the retail landscape will look vastly dif-
MAPIC 2011 speaker Laure Colliex hosts a round ferent. Our futurist keynote speaker Kate Ancketill
table discussion on the Darwinian evolution of discusses "science fact" at MAPIC 2011
modern retail spaces with Marc BLUM,
Partner/Regional Director Europe/MENA, The MAPIC 2011 keynote speaker Kate Ancketill dis-
Jerde Partnership, LCC (USA), Philippe JOURNO, cusses concepts you haven’t heard of, but will soon:
Founder & CEO, Compagnie de Phalsbourg, and longevity stores, reputation clean-up stations, gene-
Isaac KALISVAART, CEO, MAB Development tic testing spas… this isn’t science fiction, it’s less
(The Netherlands) than 5 years away. Ancketill unveils the high street
of the mid-term future, based on technology
changes and anticipated consumer demands.
MAPIC 2011 –
Science Fact:
Future Retail
Discover this PDF used
by Kate Ancketill, GDR
CEO, during her
keynote at MAPIC 2011