Yes, the pendulum of “left and right or up and down” is in full swing: Whether the left or right wing is success or failure, depends on you and where you are standing with your business. If you have been on the “bad side”, there is good news: the pendulum will swing back when no blocking or hurdle (e.g. exogen shocks or crisis). But as a good physician, you know, that there is a little more energy needed to swing back to the old level, and a bit more to achieve better levels.
The circumstances in our industry and the environment are tough and to remain in pictures. When you are standing at the bottom of the hill, you need to have an idea of how to climb it and a lot of energy and power to access the top. Only the one who is first at the top is allowed to raise the flag.
Nothing will remain the same and we are not back to normal. But we may consider “back to basics”. Despite the need to use the latest technology – as it is obvious, that remote working, virtual and augmented reality, and AI will have a tremendous impact on our business – we should not forget the real goals, which are serving and satisfying the customer’s needs and fulfilling his wishes.
We are living in the times of “24/7 – any …” (-thing, -where, -time) and want to combine this with ecological and social objectives. Everything is getting more and more complex. Simplicity has gone.
However, another good news is because of this enormous number of requests there is the opportunity to produce and offer something new which fits this demand. International sourcing changes into local production. Not buying a product but sharing it leads to new business models. Not to own something, but spending time with it could be the key to success.
The new offers should fit our soul, not into our wardrobe and shelves. The real estate industry must understand that the need for reorganization and revitalization of their assets must be adapted to the speed of change in consumer habits! Retail real estate assets are no longer just shops. Every offer that supports retail is more than welcome, be it services, offices, leisure, restaurants, gastronomy, or even residential areas in their different kinds (to create very convenient access for the shopper to the “stores”).
The interdependence between the different forms of usages, and the number and style of smart collaborations between the stakeholders will be the key to success.
When the going gets tough, the tough get going!
Roll up your sleeves and let´s go ahead.
Klaus Striebich
Klaus Striebich is Managing Director of RaRE Advise, and Head of the ACROSS Advisory Board.
