Shopping Malls Rank Above Online Shopping for Teens and Young Adults

In this technological age, many would think online shopping would take precedent over shopping malls for teens and young adults. Many retailers were surprised when shopping malls ranked above a virtual shopping experience among 13- to 24-year-olds. The 13- to 17-year-old age group showed the strongest preference to the “bricks-and-mortar” shopping experience.

Friends and in-store display are the two factors influencing young shoppers to lean toward the physical shopping experience rather than the virtual one. The Forest City study found that young shoppers are four times more likely to be influenced by friends and three times more likely to be influenced by in-store displays. Surprisingly, both friends and in-store displays ranked higher than social media. The study also found that young adults are more of the bargain-hunter types than originally expected. Young shoppers seek to find deals and an experience that delivers individuality, authenticity and uniqueness.

Results also found that teens and young adults visit shopping centers more frequently and spend more money there than any virtual shopping venue. The study reported that 71 percent of monthly expenditures by 13- to 17-year-olds and 69 percent by 18- to 24-year-olds are made at shopping centers. Other key findings include high rankings for personalization and individuality in their shopping experience and positive feedback with the ability to use mobile devices to receive offers and information. 

 

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Nick Banks

Nick created Front Street Commercial Real Estate Group in 2002 and spent the first eight years developing and acquiring office and retail projects in South Florida as well as North Central Florida. In 2010 the focus of the firm was shifted to primarily serve third party clients and perform brokerage, property management and mortgage banking functions. Nick has personally developed and acquired nearly 200,000 square feet of office and retail properties in markets throughout Florida. Prior to founding Front Street, Nick was the Director of Finance and Dispositions for Stiles Corporation in Fort Lauderdale where he financed and sold over $500 million in commercial real estate. Before joining Stiles, Nick was an Associate Director at GE Capital Real Estate where he sourced over $200 million in financing throughout Florida. Nick is a graduate of the University of Florida with a degree in Finance and a concentration in Real Estate. He serves as a board member and current vice-chair for the United Way of North Central Florida where he also chairs the Development Committee. Nick is actively involved with the Gainesville Area Chamber of Commerce where he serves as a board member and committee member for the Council for Economic Outreach. He is also a recent graduate of Leadership Gainesville which is a year long leadership program hosted by the Chamber. He is a member of Grace United Methodist Church where he has served as finance chair and as a member of the leadership council. Nick serves as an advisory board member of the University of Florida Bergstrom Center for Real Estate Studies. Nick was recently named chair of the Gainesville committee for the North Florida chapter of Urban Land Institute (ULI). He is a licensed real estate broker in the State of Florida and is a long time member of the International Council of Shopping Centers.

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