Chain retailers have their eyes on a new type of mall — your university. While higher education may once have been associated with the ivory tower — a secluded place of rigorous study — now companies like Target, Trader Joe’s, Urban Outfitters, and Publix are opening stores on or near college campuses, chasing students who are setting up shopping habits that could last a lifetime. — Buzzfeed News
In an insightful Buzzfeed News article, Leticia Miranda explains why a large number of college campuses are becoming the new rulers of chain retailers. Although college is typically a time for young adults to pursue a higher level of academia, another type of "skill" may be unraveling, the need to shop. Institutions, specifically in the U.S., are keeping tabs on this trend and are learning to capitalize on transforming their campuses and surrounding areas into retail hubs.
Buzzfeed spoke with the executive vice president of the retail brokerage firm Metro Commercial Kathy Sawin. According to Sawin, "It gives the colleges a competitive edge when they have a vibrant retail strip or area around their campus." Several retail chains are targeting this demographic and stocking their stores with college essentials that will keep each new incoming class satisfied.
Tim Eklund VP of Target's small-format stores told Buzzfeed, "We're offering an experience tailored to the neighborhood, while also building connections with guests who may be shopping Target on their own for the first time." Selling and reinforcing the idea of "college life essentials" like school supplies, game-day gear, and ready-to-eat meals, chains like Target have capitalized on this demographic.
One note Miranda makes is how these retailers are also affecting college cities. "It's not just the retailers that benefit from these deals. As cities have moved toward multi-use zoning, some institutions of higher education have also embraced the model in their own real estate development."
"In Los Angeles, the University of Southern California renovated an area previously called the Village into a mixed-use development, with retail space at the bottom of student housing. The USC Village opened in 2017 after three years of construction at a cost of $700 million." With companies like Amazon posing a threat to retail stores, perhaps the college demographic could help alleviate the fears retail companies have been dreading.
No Comments
Block this user
Are you sure you want to block this user and hide all related comments throughout the site?
Archinect
This is your first comment on Archinect. Your comment will be visible once approved.