Retailers reinvent themselves in Washington to survive growth of online sales
In the age of Amazon, stores are trying to reinvent themselves, generally using one of two strategies: deliver products more quickly and nearly as cheaply as online sellers, or offer shopping experiences that entice people to visit their establishment and buy something. As Chris Weilminster, senior vice president of leasing for Federal Realty Investment Trust, puts it: “Those retailers where there is average service and very little experience, I think aren’t going to really be around.” Think Circuit City. Or Blockbuster. Meanwhile both dollar stores (discount) and Apple stores (experience) are faring quite well. At Federal Realty, one of the country’s biggest shopping center owners, Weilminster’s job requires that he scour the country for the next big thing in retail. Because Federal Realty is based in Rockville, he also has an intimate knowledge of how retail is being reshaped in Washington. He sees some long-term changes taking hold in area storefronts as competition with online sellers heats up.
MAKE-YOUR-OWN EVERYTHING
It started with paint-your-own pottery and Build-A-Bear Workshops. Now Weilminster sees a proliferation of stores offering patrons the chance to create or customize in person, something difficult to replicate online.
Weilminster considers PIRCH, a California kitchen and bath company, to be in a different category, but it offers a similar opportunity to build and customize one’s own product. PIRCH offers fully functioning showrooms where shoppers can choose and arrange pieces for their own kitchens and bathrooms, just as their kids might choose clothes for a teddy bear. “It’s a whole different way to shop,” he said. “Sixty-five to 75 percent of what they have in there is functional. All the faucets in there, if you turn them on, water comes out.” PIRCH isn’t in Washington yet.
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