Can esports save retail?
Marcus & Millichap CEO Hessam Nadji on real estate owners turning to esports to help boost business in malls and hotels and retailers utilizing experiences to boost consumer traffic.
A growing number of real estate developers are turning to esports as a way to drum up business in malls and hotels.
“People that are gamers are now starting to really appreciate the idea of being together with similarly motivated people, like-minded people to enjoy this experience,” Marcus & Millichap CEO Hessam Nadji told FOX Business’ Maria Bartiromo on Wednesday.
Consumers can now take a yoga class at a Lululemon store or experience rock wall climbing at a local REI store. The Home Depot online pickup flexibility and its free do-it-yourself workshops for all ages and experience levels contribute to additional in-store sales, Nadji said.
“The surviving retailers and now the thriving retailers are the ones that have really combined in-store offering and experience with an online presence,” he said.
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Nadji points to this week's bankruptcy announcement from Barneys, an icon of American luxury clothing, which he said failed to adapt to consumer preferences. He anticipates other retail chains to face the same fate as Barneys with not just high price leases in marquis locations, but by not being innovative in their other locations.