Shark Tank-like Competition Sponsored by The Meadows Encourages Brick & Mortar Retailers, Online Retailers, and Start-Ups to Enter Before August 16 Deadline

ST. LOUIS, July 8, 2019 /PRNewswire-PRWeb/ -- Since RetailNEXT announced a competition to award free rent, buildout, mentorship and a year long marketing campaign to the winner with the next big thing in retail, The Meadows at Lake St. Louis has received many compelling entries and an 82% increase in website inquiries since May 21. But with only 5 weeks to go before the August 16 deadline, organizers and judges urge burgeoning retailers to enter the competition, and offer this advice for anyone with a new retail idea:

Don't Listen to Naysayers

While there have been many retail failures in the last few years, new concepts are popping up and succeeding. Friends, family and bankers will try to talk you out of pursuing your dreams saying that retail is doomed. Like any successful entrepreneurial pursuit, your plan has to be realistic, well thought out, and pursued passionately. According to Maxine Clark, the founder of Build-A-Bear Workshop, "A store alone may not be the winning strategy, but with ecommerce and a strong social media presence, a store could be a huge asset because it has the power to deepen the customer's relationship with a brand. And the future of retail will be driven by these relationships."

Retail Isn't Dead, It's Different

Saint Louis Fashion Fund co-founder Susan Sherman said, "These shops aren't going to look or feel like the stores you might find in large malls of the past. Instead, they will be designed to complement the digital experience. Many of these stores will have a smaller footprint, since they will not hold as much inventory." Brands expect that customers will come into the store to check out products, but may purchase the product online. And many brands will also use the stores as a place to forge a strong sense of community by hosting talks, parties, and other gatherings there.

Gen Z Shoppers Embracing Malls

Washington University's retail professor, Martin Sneider, said "Gen Z—or the group between the ages of 7 and 22—genuinely like brick and mortar retail. The biggest surprise about this new cohort of teenagers is the most unexpected of all: They love the shopping mall." Around 95 percent of them visited a physical shopping center in a three-month period in 2018, as opposed to just 75 percent of millennials and 58 percent of Gen X, according to an International Council of Shopping Centers study. And they genuinely like it; three-quarters of them said going to a brick-and-mortar store was a better experience than online.

Millennials View Retailers As Friends

According to Norty Cohen, CEO of Moosylvania, millennials have a strong affinity for their favorite retailers - and the total experience. They like shopping as much as they do buying. "Our 2019 research surveyed 1,000 millennial shoppers across the US - and we found nearly half of their favorite brands are retailers. They value the interaction and familiarity of shopping and identify with the staff. All of this fits with the nature of "status" checking which drives both Instagram and Facebook. They're managing their own status - and value the approval of family and friends. Retailers who interact and create an experience become one of those friends."

Amazon Can't Offer Experiences

Meir Cohen, CEO of Cohen Equities, said, "All brands need to work harder to build consumer participation. That could be everything from social causes to personalization to taking action to get consumer attention. In the eyes of the consumer – it's all about me. Brands used to be the ones getting attention and loyalty. Now consumers expect it right back."

More Substance, Less Hype

Branding and design expert, Eric Thoelke, said, "It was fun while it lasted, but all these Instagrammable stores are blending into one another, and consumers are getting bored with the concept. In 2019, brands will need to think of other ways to get consumers into stores like developing great products, exciting brands, and/or having great customer service. Imagine that!"

Qualified contestants interested in pitching their concept to RetailNEXT should do the following:
Go to http://www.themeadowsatlsl.com/retailnext to learn more about RetailNEXT
Fill out entry forms (due August 15)
Attend contestant workshop and get input from one of our mentors at RISE Collaborative (8820 Ladue Road, Suite 203) on July 25th (9am - 3:30pm)
Present to judges on Thursday, September 5th, 6:00 PM-9:00 PM at The Meadows at LSL
Attend Live Event - Wednesday, September 11th, 6:00 PM-8:00 PM at The Meadows at LSL

THE MEADOWS AT LAKE ST. LOUIS BACKGROUND
The Meadows is an open-air shopping, dining and entertainment plaza at Lake St. Louis Boulevard off Interstate 40. The inviting, beautifully landscaped campus is unrivaled in the greater St. Louis area. The Meadows blends shopping with pleasure as national retailers share space with culturally distinctive merchandise and nonstop attractions in a family and community-focused environment. The high-quality shopping experience is enhanced by brick-lined sidewalks and plazas which create a walkable, invigorating environment, with abundant light, parking and accessibility. The most popular and sought-after retailers include Von Maur, the Nike Factory Store, Victoria's Secret, Bed Bath & Beyond, and Old Navy. The Meadows is owned by Cohen Equities, managed by Balke Brown Transwestern, and leased by JLL.

COHEN EQUITIES BACKGROUND
Cohen Equities is an institutional-grade, vertically integrated real estate investment platform headquartered in New York City with an exceptional investment and management track record that spans over 30 years. Cohen Equities has successfully invested in, managed, enhanced and harvested assets in over 30 states, under a full range of investment strategies, asset types and transaction structures.

SOURCE The Meadows at Lake St. Louis

Related Links

http://www.themeadowsatlsl.com/