A graduate of the University of California, Los Angeles, Elliot Feuerstein has spent more than 40 years leading retail and real estate development projects throughout the San Diego, CA, area. Currently, Elliot Feuerstein serves as an officer with the Mira Mesa Shopping Center. In this role, he helps to guide a major shopping destination while staying current with emerging trends in the larger shopping center industry.
It is a maxim in the retail industry that the longer a customer stays in a store, the more likely it is that he or she will buy something. Indeed, one landmark study found that for every additional 1 percent of time that customers spent at a shopping center, sales of goods and services rose by 1.3 percent. Over the years, retail developers have utilized strategies such as adding movie theaters, restaurants, and even hotels to increase foot traffic and average time spent at a center, but one emerging trend is the use of public spaces as gathering, entertainment, and socializing spots.
Analysts point out that as millennials and aging baby boomers continue to downsize and place a premium on experiences over material goods, shopping centers will benefit by finding ways to appeal to this inclination. This could mean replacing the traditional food court with open-air dining options, adding show fountains and benches to pedestrian areas, or simply integrating gardens or park-like settings into the shopping center.
