Mixed-use properties that include retail stores, entertainment venues and residential housing continue to gain favor with consumers, according to a recent survey by the International Council of Shopping Centers (ICSC).
A recent survey of more than 1,000 adults conducted by ICSC in late March found that 78% of adults would reside in a “live, work, shop and play” community. Respondents cite convenience/efficiency and easier access to amenities as key reasons adults are attracted to mixed-use properties.
“We are social beings and consumers have always valued the community experience that brick-and-mortar offers, whether for shopping, dining out or going to a movie,” said Stephanie Cegielski, spokesperson for ICSC. “Today, they want it to include convenience and options beyond traditional retail.”
The survey found that entertainment (61%) and dining (53%) are key drivers for consumers to visit shopping centers. In addition, 45% of respondents said they would travel farther to a shopping center that offers a larger mix of tenants than one that is closer but offers a less diverse mix of retailers.
In addition, the ICSC survey found that while consumers are spending more on entertainment and dining, buying goods is still the main reason for a visit to a shopping center,
The ICSC survey found that 80% of consumers who visited a shopping center have made a purchase at a retail establishment. And based on ICSC’s ongoing consumer surveys 72% of total monthly shopping center expenditures go to purchases at retail establishments.