From Bricks to Clicks Mike Cohn Ring Speaker 3 10 14
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Ring Speaker Mike Cohn, Regional President of Lennar Commercial Investors, speaks about his experiences combining the people-dominated real industry with technology, particularity focusing on the millennial generation. He spoke to University of Florida students, as part of the Alfred A. Ring Speaker Series on April 10, 2014
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From Bricks to Clicks Mike Cohn Ring Speaker 3 10 14
- 1. From Bricks to Clicks When Demographics and Technology Collide
- 2. • Founded in 1954 & headquartered in Miami, Florida • 2nd largest homebuilder in the US • Has delivered homes to more than 750,000 families • More than 5,500 associates across 18 states
- 4. HOMEBUILDING & LAND FIVE POINT Land Development & Entitlements COMMERCIAL Retail & Office RIALTO CAPITAL Investment & Asset Management FINANCIAL SERVICES Title & Mortgage MULTIFAMILY Apartment Communities
- 6. pre-retail
- 11. open air malls
- 12. mixed-use
- 14. E-Commerce
- 15. E-Commerce 2013 Retail Snap Shot Total Retail Sales $5.09 trillion Retail Sales Increase over 2012 4.2% Total Retail Sales (excluding cars & food) $3.57 trillion E-Commerce Sales $263.3 billion E-Commerce Sales Increase over 2012 16.9% Percentage of Total Retail Sales 5.2% Percentage of Retail Sales (excluding cars & food) 7.4% Source: US Dept. of Commerce
- 16. E-Commerce Sales Trends $0 $50 $100 $150 $200 $250 $300 20002001200220032004200520062007200820092010201120122013 (US$ billions) Source: US Dept. of Commerce
- 17. 2013 Holiday Season • Store Traffic Sales • 13% increase in e-commerce sales over 2012 • 54% “last minute” shopping increase • $1B Internet Sales Days • 2013: 10 • 2012: 0
- 18. Source of E-Commerce Sales 2013-2014 Desktops - 71% Phones - 18% Tablets - 11%
- 19. 8 main trends of
- 20. June 29, 2007
- 21. 1. Mobile Goes Mainstream
- 22. 2. Your Phone Is Your Wallet
- 23. 3. Multi/Omni Channel Retailing
- 26. 5. Faster Delivery Times
- 27. 6. High Tech Coupons
- 28. 7. Better In-Store Experience New AT&T store, Manhattan
- 29. 8. The Shrinking Big Box
- 30. Millennials American teens and twenty-somethings (born after 1980) who are making the passage into adulthood at the start of the new millenium Millennials account for 21% of consumer spending . . . and 33% of their spending is on nonessential items Millennials make up the largest percentage of the workforce
- 31. American Generations Silent Generation 1927-1945 • Disciplined & Self-Sacrificing • Avid Readers – especially newspapers Baby Boomers 1946-1964 • Hard working & Driven • Television, Rock ‘n Roll, Activism Generation X 1965-1979 • Individualistic & Wary of Commitment • “Before” and “After” Computers & Cell Phones Generation Y “Millennials” 1980-2000 • Entrepreneurial & Tech Savvy • Digital environment, Internet,Smart Phones Generation Z 2001 - Today • Culturally Diverse & Over-saturated with brands • Electronic-centric & Less Interested in Toys • Already have Eco-Fatigue
- 32. The Millennial Demographic Millennial Identity • Technology savvy • Confident and self- expressive • Liberal viewpoints and open to change • Ethnically & racially diverse • Upbeat • On track to become the most educated generation in American history Politics & Religion • Less likely to associate with organized religion • Primarily “Independent” but tend to vote democratic • Only 2% have served in the military • More optimistic about America’s future than any other generation Technology • 92% have a smartphone and a laptop • 83% sleep with their smartphones • 81% are on Facebook • 74% feel that technology makes their lives easier • 50% have posted a “selfie” online • Millennials spend 21 hours/month on social media Economics • Began to enter the workforce during the recession • High levels of student loan debt • Lower levels of wealth & personal income • 1 in 8 have moved back in with parents • 21% are married • 34% have children • Price conscious and deal savvy Source: Nielsen & Pew Research Center
- 33. Millennial Shopping Trends • 88% of Millennial smartphone owners used their smartphones for holiday shopping • 77% browse online before purchasing in the store – nearly 17% higher than the general population • 56% admitted to browsing for an item in the store and then purchasing it online from a different retailer – double the rate of the general population • 19% have been in a store and purchased an item via their mobile phone from a different retailer while still in the store – double the rate of the general population • 89% would not return to a store if the inventory they confirmed was there was not available upon visit 80% of Millennials consider themselves price conscious and promotion sensitive
- 34. Extreme Couponing 97% of Millennials would return to a retailer if provided with a discount for future shopping events 92% download coupons to their retailer cards before shopping and 80% at the store 79% use paperless coupons 67% go looking for deals after hearing about them on social media 80% are more likely to frequent a store if it provides a rewards program
- 35. Experiential Retail 59% of consumers say they have all the material possessions they need Consumer experience is the single most important factor in continued growth for retail brands. Experiential retail is one-on-one engagement between a company’s offering – either product or service – and the consumer themselves.
- 36. Shoppertainment
- 39. Tesla Showrooms
- 40. Pop Up Shops & Virtual Storefronts
- 41. Top Performing Malls in the US - 2013 Mall Location GLA Sales/SF Bal Harbour Shops Bal Harbour, FL 450,000 $2,555 Forum Shops at Caesars Palace Las Vegas, NV 636,000 $1,750 Shops at Columbus Circle New York, NY 338,000 $1,600 The Grove Los Angeles, CA 575,000 $1,400 The Mall at Millennia Orlando, FL 1,118,000 $1,250 Ala Moana Center Honolulu, HI 2,100,000 $1,200 The Mall at Short Hills Short Hills, NJ 1,370,000 $1,110 The Americana at Brand Glendale, CA 450,000 $1,110 Aventura Mall Aventura, FL 2,700,000 $1,100 Tysons Galleria McLean, VA 824,000 $973 Source: ICSC – Shopping Centers Today
- 42. Development Impact • Smaller, Urban Mixed-Use Centers • Transportation Oriented • Highly amenitized • “Fiberhoods” • Social Media • Dramatic Change in Merchandising Strategies • Old Approach: merchandising mirrored the way we bought our clothes – compliments with large chain stores • New Approach: merchandising mirrors the way we live our lives – specialty, green, quick serve, chef-driven farm-to-table dining, wellness Question: Is it sustainable? What happens when baby boomers need congregate care and millennials need schools for their children?