A new approach to retail and ‘The Experience Economy’ projects…
06 Mar 2017
“The experience economy” fulfils a critical role in communities’ access to retail and services in Australia. The experience economy building blocks of retail, services, events, branding, and public place elements make an important contribution to all communities including urban, suburban, and workplace communities. They are critical to establishing a character and identity that is unique to their own community. When well delivered and managed, retail and “the experience economy” provides a range of improved physical, emotional, social, creative and economic outcomes.
BellRinger believes there is a better way to conceive and deliver retail projects in particular markets. Projects which deliver an improved retail mix integrated with key assets such as workplaces, libraries, medical centres, markets, schools and high quality public spaces will increase visitation. Delivering elements such as an events program and engaging with the community prior to design, will contribute to a greater sense of community ownership, driving increased visitation and sales. In the appropriate market, a workplace, or higher density residential product will play a critical driver in a retail precinct’s commercial performance. Ultimately, the creation of a “precinct” with a range of layers, experiences and services that meet the community’s needs will lead to higher performing retail shops and assets.
Both inner city and suburban communities (and some regional communities) are increasingly attracting more diverse and demanding audiences with complex social, economic and cultural needs and expectations. This changing landscape as to how residents and workers in various communities wish to live their lives is generating a need for a different approach to retail, “experience economy”, and mixed use projects. These communities are seeking highly livable environments which also deliver a diverse range of experiences. Critical to this is a vibrant ‘extended day’ delivering amenity and a safe environment from early morning into the evening, where communities have a perceived sense of ownership of places. This engenders an emotional connection, pride and sense of belonging that will drive increased visitation and improved economic performance. To optimize the opportunities presented by this changing landscape it is critical that a project’s “experience economy” deliver a more dynamic image and identity for their communities, delivering improved amenity and appeal that encourages stronger economic and social outcomes.
BellRinger has integrated a traditional disciplined development process with innovative user group engagement practices to deliver property solutions the increasingly diverse community and their expectations. This approach towards “the experience economy” offering should deliver a range of retail, services, event curation, and social offerings, enhancing lifestyle and employment opportunities for the community, contributing to the creation of an authentic heart that facilitates the development of a resilient community and improved economic performance.