“Pictures or it didn’t happen” more or less sums up today’s social media age. It’s all about sharing real time information with circles so if you didn’t post it, did it really happen? It’s so common that it’s almost instinct to post selfies, take photos of food (no one can eat before an instagrammable photo has been taken!), and share personal opinions on issues.
PRIME Philippines’ Research and Advisory Group charted Metro Manila Retail Space demand and the results are very telling of how this social media age is driving demand in this sector. The two biggest stakeholders in Metro Manila’s demand for retail spaces are Food & Beverage (F&B) at 36% and the Health, Beauty, and Wellness (HBW) sector at 21%. This reflects the kind of activities millennials engage in since what they enjoy doing is most definitely what is shared on their feeds. Eventually, retailers who can take advantage of this and supply products and services that cater to millennial interests and personal desires will also experience a growing need for retail spaces.
As a result, dermas, salons, spas, and fitness centers continue to thrive in commercial areas since social media popularizes an idea of keeping up an aesthetique.
That being so, while consumers continually engage and subscribe to this culture of OOTDs (outfit of the day), business owners face their own OOTD in the form of Opportunity for Outcomes That Develop. Profitability increases for these retailers and one factor that proves to be a big advantage to this sector is its flexibility with retail space demand. While F&B establishments necessitate specific features like ground floor access and wide frontage, HBW establishments are able to secure less expensive second or third floor leases since repeat clients actively seek them out.
It is interesting to see that the spirit of interconnectedness that today’s digital age promotes is also telling of the interconnectedness of two seemingly stark contrasts—real estate and the HBW sector. Given the wide taste of the millennial markets, current commercial centers must now cater to this demand by providing a wider mix of tenants within establishments.
As a real estate consultancy firm where industry excellence is performed by dynamic millennials, we understand the importance of relating to this market. PRIME Philippines offers Commercial Retail solutions that complement business needs and maximize profitability all while meeting your retail space goals! Contact us today for a consultation at (+632) 442 8888 or (+63) 917 555 8222 or you may send us an email at [email protected].