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Old 07-12-2018, 12:24 AM
 
Location: Philadelphia
2,539 posts, read 2,251,794 times
Reputation: 2690

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Very well written article by Philly.com on walnut st. and very exciting to see all these recent closures will be occupied and filled with a mix of exciting and relevant experience based retailers. Retail is certainly shifting, and this article certainly captures it well.

Also a great deal of millennials are in the 27 - 32 category, and I think priorities are also shifting to save more for 1st time home purchases. So more discretionary income is being shifted towards savings, and then the disposable income leftover, experience based venues are winning out. Leaving clothing retail to be a mix of 'hot luxe' (what is trending on social media) and discount retail.

Mix n match. And pull the perfect look together. On all social media platforms, this is what all the millenial grammers are doing. And it makes sense!
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Old 07-12-2018, 04:46 AM
 
Location: Germantown, Philadelphia
13,877 posts, read 8,694,329 times
Reputation: 10191
I'm sure you all know that there is now a field of research in psychology and sociology known as "happiness studies."

Yes, researchers are conducting studies that attempt to identify what causes people to be happy and the various things that may increase or decrease happiness.

Some recent studies have found that while material goods produce a sharper increase in happiness when acquired than non-material experiences, the experiences produce more happiness in the long run because they create memories people share, recall and cherish while material goods get taken for granted after a short while - or we compare our material possessions to those of others and become less happy as a result.

So the shift from selling stuff to selling experiences on Walnut may make us all happier in the long run.
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Old 07-12-2018, 08:19 AM
 
5,546 posts, read 6,810,287 times
Reputation: 3824
Quote:
Originally Posted by MarketStEl View Post
I'm sure you all know that there is now a field of research in psychology and sociology known as "happiness studies."

Yes, researchers are conducting studies that attempt to identify what causes people to be happy and the various things that may increase or decrease happiness.

Some recent studies have found that while material goods produce a sharper increase in happiness when acquired than non-material experiences, the experiences produce more happiness in the long run because they create memories people share, recall and cherish while material goods get taken for granted after a short while - or we compare our material possessions to those of others and become less happy as a result.

So the shift from selling stuff to selling experiences on Walnut may make us all happier in the long run.
Selling experiences may be another mirage. Memorable experiences are not necessarily bought, and I sense that many Americans are searching for that happiness while overlooking the most important and fundamental mechanism of fulfillment; family. I do believe you're right though. I've read that Boomers buy things and Millennial buy experiences for happiness. I'd rather we look at our lifestyle and become more respectful with one another, with family at the center.
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Old 07-12-2018, 08:40 AM
 
Location: New York City
9,311 posts, read 9,135,447 times
Reputation: 6347
Quote:
Originally Posted by rowhomecity View Post
Very well written article by Philly.com on walnut st. and very exciting to see all these recent closures will be occupied and filled with a mix of exciting and relevant experience based retailers. Retail is certainly shifting, and this article certainly captures it well.

Also a great deal of millennials are in the 27 - 32 category, and I think priorities are also shifting to save more for 1st time home purchases. So more discretionary income is being shifted towards savings, and then the disposable income leftover, experience based venues are winning out. Leaving clothing retail to be a mix of 'hot luxe' (what is trending on social media) and discount retail.

Mix n match. And pull the perfect look together. On all social media platforms, this is what all the millenial grammers are doing. And it makes sense!
I wouldn't call a three banks on one of the most pristine intersections of the city to be exciting and relavent, but the ongoing rebirth of Walnut is exciting.

Quote:
Originally Posted by MarketStEl View Post
I'm sure you all know that there is now a field of research in psychology and sociology known as "happiness studies."

Yes, researchers are conducting studies that attempt to identify what causes people to be happy and the various things that may increase or decrease happiness.

Some recent studies have found that while material goods produce a sharper increase in happiness when acquired than non-material experiences, the experiences produce more happiness in the long run because they create memories people share, recall and cherish while material goods get taken for granted after a short while - or we compare our material possessions to those of others and become less happy as a result.

So the shift from selling stuff to selling experiences on Walnut may make us all happier in the long run.
I think that is a big reason why certain retailers and average suburban malls are struggling. Stores like Sears, JCPenney, Lacoste, and your average regional malls are closing because they did nothing to diversity themselves.

Shoppers today want ease and convenience, enjoyable shopping with nice updated brick and mortar setups, and diversity among designs and offerings. All of those above retailers are missing several or all of those categories.

I think places like KoP, Shorthills Mall, Highland Park Plaza, The Galleria, etc. stand out due to the extremely high-end nature of the setup, and that was an intentional shift. Almost every A+ high-end mall is performing very well, and that is because they have adapted, targeted their market and added an experience element to the idea of shopping in a mall.

Walnut never really had that cachet, so I think the reinvention process is ongoing, and will continue to be ongoing as trends shift. For example, a Christian Louboutin store would flounder on Walnut, but an Equinox gym or Barry's Bootcamp would probably rival those in New York. My hopes of Walnut becoming a mini KoP are out the window, I just don't want to see the vacancies pile up/ a bank replacing every retailer that left.

I am also hopeful that Market East will get in on the action as it continues to grow.

Last edited by cpomp; 07-12-2018 at 08:55 AM..
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Old 07-12-2018, 08:55 AM
 
Location: Germantown, Philadelphia
13,877 posts, read 8,694,329 times
Reputation: 10191
Quote:
Originally Posted by AJNEOA View Post
Selling experiences may be another mirage. Memorable experiences are not necessarily bought, and I sense that many Americans are searching for that happiness while overlooking the most important and fundamental mechanism of fulfillment; family. I do believe you're right though. I've read that Boomers buy things and Millennial buy experiences for happiness. I'd rather we look at our lifestyle and become more respectful with one another, with family at the center.
Don't forget friendships.

For those of us not in family households or relationships, those are among the most meaningful ties we have aside from those to our own relatives.
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Old 07-12-2018, 09:08 AM
 
5,546 posts, read 6,810,287 times
Reputation: 3824
Quote:
Originally Posted by MarketStEl View Post
Don't forget friendships.

For those of us not in family households or relationships, those are among the most meaningful ties we have aside from those to our own relatives.
Yes, good point. I find as I get older, I'm very careful about my friendships. But the friendships I do hold are more like family.
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Old 07-12-2018, 02:57 PM
 
10,787 posts, read 8,623,722 times
Reputation: 3983
Quote:
Originally Posted by rowhomecity View Post
Very well written article by Philly.com on walnut st. and very exciting to see all these recent closures will be occupied and filled with a mix of exciting and relevant experience based retailers. Retail is certainly shifting, and this article certainly captures it well.

Also a great deal of millennials are in the 27 - 32 category, and I think priorities are also shifting to save more for 1st time home purchases. So more discretionary income is being shifted towards savings, and then the disposable income leftover, experience based venues are winning out. Leaving clothing retail to be a mix of 'hot luxe' (what is trending on social media) and discount retail.

Mix n match. And pull the perfect look together. On all social media platforms, this is what all the millenial grammers are doing. And it makes sense!
They are also having children. Don't leave that out.
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Old 07-16-2018, 11:44 AM
 
Location: Philadelphia, Pennsylvania
7,721 posts, read 5,409,652 times
Reputation: 5944
I don’t think I said this before, but the New Virtual Reality entertainment center should go in East Market near the new movie theater. I feel the two could be a nice compliment for one another.
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Old 07-16-2018, 03:03 PM
 
Location: New York City
9,311 posts, read 9,135,447 times
Reputation: 6347
https://www.phillymag.com/be-well-ph...s-east-market/
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Old 07-19-2018, 02:52 PM
 
Location: New York City
9,311 posts, read 9,135,447 times
Reputation: 6347
Five Below plans NYC store to capture 'vibrant' Midtown traffic - Philly

Great to see a local company expanding.
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