As consumers are planning to trim spending in an uncertain economic environment, retailers, restaurant chains, and service-based brands are looking to continue evolving to better serve their customers.
At the recent ICSC show in Las Vegas, during the “General Session: Trends, Challenges and Opportunities” panel discussion, industry leaders detailed the ways in which consumers have shifted their behavior – and migration – in recent years.
“For us, the big consumer shift has been towards health and wellness and the concept of ‘food as medicine,’” said Dave McGlinchey, chief development officer at Sprouts Farmers Market. “A lot of consumers are really shifting to that.”
McGlinchey also added that in the grocery space, consumers are visiting more stores than ever, which has been beneficial to Sprouts.
“Consumers will go to a conventional grocery store, and then when they need fresh produce, grass-fed beef and attribute-driven products, they come to us,” he said. “During COVID, people consolidated grocery trips, and I think part of our acceleration of growth has been people starting to go to multiple places to shop now. The combination of both of those things has really worked in our favor.”
Health and wellness as a trend, perhaps unsurprisingly, has led to big gains for the gym and fitness industry, which is quickly taking up vacant anchor space.