June 8, 2015
There is a lot of talk about the Millennial generation now that it has entered the workforce in a big way. We heard a lot about that recently at Connect Los Angeles, the debut event for Connect Conferences, and they are influencing every facet of the industry.
On the retail front, these people are looking for “hip, cool” concepts to shop at that aren’t run of the mill. A good formula for success are things that focus on “booze and dogs,” said Justin Weiss, a senior associate at Kennedy Wilson Brokerage Group.
Much of the same was echoed by Alan Cooke, a vice president of the popular workout concept SoulCycle who said that Downtown Los Angeles is especially attractive for the New York City-based chain as well as Millennials right now because of its food, beverage and apparel offerings. The company has yet to find a location in the downtown are, but he said that it is looking.
On the office front, Millennials are changing the workspace and demand different amenities than your typical cubicles, such as portable workstations, conference rooms, and areas where people can stand and work, said John Barganski, senior vice president of Western Region for Brookfield Office Properties. “These folks are the desired employees of everyone,” he said, because they are usually specialized in tech and other industries landlords are looking to attract.
Meanwhile, retailers need to adapt as well, said Ed Sachse, an executive managing director of brokerage at Kennedy Wilson. Apps are driving how Millennials shop, and retailers need to adapt to that reality. Since customers “pre-shop,” they are able to challenge retailers for price, quantity and quality,” he said.