The future of Brick and Mortar

Friday, November 3rd

What does the future look like for us the consumer?
How is the Brick and Mortar shopping expereince adapting to technology?

Some say it's actually a really good time for the retail store.


Thanks to our friends at Family First Credit Union for supporting the $even Figure$ podcast
A helpful, educated team in our community that enjoys helping you live a financially healthy life


Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

Welcome back gives another episode of seven figures and I'm sandy letters thank you so much for joining us every week and if you're listening on iTunes thank you for taken up as quick sexy give us or DO. And a rating and thank you for telling your friends about the pod cast it's all right here all the information that you need to dominate your finances. 'cause I love to know when it comes to finances there are a lot of layers so the goal of this podcast is to help guide you in if they in the area. They use struggle west. Reach out to me to see India Rochester buzz dot com I will find an expert to give you good advice. And we'll learn this together to David how big is the future of brick and mortar are online stores changing the shopping experience. But first. Before we bring ending cash and what they're experts I wanna say hello and thank you to our good friends at Stanley first credit union big sponsors. Of the seven figures podcast and we appreciate that. A helpful educated team and our community that enjoys helping you live off financially healthy mice. If you so much for coming in today. Thanks for expanding on stage you're like on Monday and it didn't you know and yeah at is where would the Melanie five DL and Claire can amend the director of marketing and public relations at the Rochester malls. Here in Rochester New York I think conversation I wanted to get sued today is the future of brick and mortar because now where officially in holiday season right yes you greenest seem more and more news stories and more and more studies about. More people are shopping online than ever before. You dig deeper. Seeing more articles supporting the fact that. Us as humans craved that personal interaction. We're really not shopping on. Mine I think that more people are starting to come back to. The malls. You know especially that millennial generation. You wanna touch and feel in Indiana you want that instant gratification of getting it straightaway after they try it on and he helped locks in and go home with say he's now in the Lanny those are the ones that are. The stigmata right is known for any love the technology. They don't wanna interact with people they see you play I ask when it comes to shopping day online it. Now they don't wanna wait two to three business days or even with that are without dropping the name I'll say prime. A I know I finished or not on any basis in very tough. Think it's you know even we say do want you know over 98 or one day shipping and they don't wanna wait in line it great now and nice. Think that that's. You know I'd sit a great thing about having you know are different properties that they have a few different choices but they still conducting Gator raid away. So I read somewhere and this is crazy to me to even think of it like best millennial are on track to becoming V largest generation in American history. Contrary to the stigma it's sad is they actually appreciate supporting what you just sad actually appreciate the unique in store experiences. So do you does that mean how has the malls adapted her catered to these desired. Unique experiences. Can go to. So for a earning cosmetic Carner and actually tries it on and tracked that professional make up artist and and see what their products are I am have a conversation at that. I'm a lot of verse first half personal shoppers are in there that they know exactly. What they have in stock but looks good on different people but compliments are no different people on different body shapes and and so I think that. I mean it adds to shopping so not only are you walking it is and test products. Yeah and you've also had now an experienced and and it's almost like there and it's like hearing to you get a little bit more freer. Money. Do you see that. Brick and mortar I don't think you'll ever go away do you think you'll ever go away now not grant him. But it will evolve like. Every industry charter it re and you we do it on RNC that we polled more events and our malls to give. Families something be on just the shopping experience. Whether it's you know between dining and entertainment aspects in addition to their shopping experience so it becomes. Night out instead of just. He and need to go pick up a pair of jeans for kids. It's now I need to pick a pair of jeans my kids for also gonna go to TGI Friday's for dinner. And then we're gonna go jump on the bounce house for an hour or so it becomes. Two to three hour adventure instead of just he. 45 minute drive out to pick ups and close. But I don't remember that as a kid to have them we had a mall downtown Rochester midtown. And they had a big monorail where you didn't watch Santa and the big non around gone and I mean that was like an event that was the family he would you wanna do as a family okay let's go to the malls. And it's kind of cool to see. Even though you hear all this. You know pointing towards how convenient prime isn't enough that. I'm still. Crave dat Stanley time in. In I don't think it. Ever really changed. Short. I think like eight in IE I remember is kids you reminds increase. They had the foam blocks in the box and they head all that kind of stuff stay in LA we had that entertainment as kids tear and it kind of has come. Full circle now that we've. But these elements back in you know we have children's play areas hit two of our malls. We care sells it to our malls we have these elements that are. Free your dollar elements for for people participating in all yearlong ideas remain. Yeah activists. Evolve and yet and become. It's like they are firm for families now. Let's talk here are numbers are how it will impact so the big thing everybody's talking about is okay Amazon's looking for a new headquarters she. These cities I know I I now think. Antsy to. Brian. Yeah. I headquarters and everybody's fighting to be. How wheels that if we word. To win miss buffalo and Rochester teaming up to get this first how does it make you feel being low. A malls in second how will that directly impact. The Rochester area. I think it's good for local. I don't know hoddle impact our bottom lines or if it will impact our bottom lines you know Forbes just did this great article I'm deflating the Mets how. On nine oddest and retail sales happen in a physical store this dale to this day. So even with. They're earth. Cornered nearly a year but I'm. Pretty good. I don't know a bit out rules you know have a major impact because it's just the headquarters it's not necessarily like you're gonna. Yeah I'd I don't know I guess eat eat green sea spray in and yeah he see what happens. The thought of Rochester being on the map for some things are citing it for Osce that in Rochester. To bring jobs sued the local economy exciting exciting and then I'll send you think when manna. I want to support this wanna supporter. My local my my neighbor who works that's. A store at the mall or a restaurant where so I think a lot of us feel conflict and how should we feel about that is. I mean it's like I said it'll it'll impact our. On the Meehan a positive way as well but still I think that. I think that we can have not with. We can ever take any attempt it can't I think that it'll bulls still have brick and mortar no matter why I think if people like accent want that. Yeah they wanna be AppleTV. Try down before they buy it they want to you know im im mean how did those in stores. I chipping in and being able to you. Pick it up at Macy's and JC Penney where you can buy it online and pick it up at those retailers. And it's the best of both worlds for those retailers BK is they still get the credit. At those stores for those Alice so that's a nice little loophole for those stores to and so they're still getting. Different converted credit Chris saying okay and so it's a nice way for bands you. Keep exert the local jobs of floats by a adding to their bottom line in it. It's so funny because I was listening to you up an interview with the founder. France the runway which was seen. Oh my. Why is this new concept shareware ordering what we're borrowing clothes and were rending and we're. Pulling us away from the malls well I just heard the interview where she's likely you know blatt. Our consumer wants to trying on the product to make sure it feels good and writes. So we're gonna start opening up brick and mortar stores and am I. Wet completely ready to go. It. Circle. Okay I thought so when it comes to finding the best deal they feel like that's. Not a defined there's no to financing but at some people feel like they get a better deal online and you'll feel like you get a better deal in the stores. Is there. One way that's better than the other or really depends personally for me. IA. Led by and shopping in the store battered it Ike and save. Dollars. Online or even oppression and history. From the time that it takes are not at the risk at all collared at the same screen and it's delivered and won't that you're not. Those are extra. Actors in the purchased is I mean it is yet as birthday to me and an MB. Those. I mean you took place that's why you're here. Are just that even if it's any factor in everything. Yes and anything to do going into the store anything at that time that haven't shopping. It's worth march means and waiting for the delivery free shipping it hasn't been right after it it's just. I find that extra experience be more. When where and then. This is. I dropped abolish it looked at the studied the adrenaline rush with dialing in to restore. This is just a mean thing. I could be borderline child behind you go into a store in the feel of just walking with a bagging it and I NER a and demanding home and I try. But she sings though since bay online let's be honest a young female so every stores sideways. Is different Sox FK okay so Aaron and I wanna try it on. So ordering online doesn't work BK is it ever the same great friends from Brandon and I wish I had that model's body short. CU I'm procrastinators. Hysteria so only he went to Fashion Week last week edit. Last Friday wanna ask me when I shopped for my clothes so I ask me now melodies Friday afternoon is stole. My. Warning and it works for me she's not so with that sniff that she added I know my parachute. It's functional though crews were at his surname right exactly how they're doc Martins so that they you know they are comfortable but at a CIA United's second birth to from shopping online yeah right so you final last minute shopper. Referring and then. Online is not gonna work. But it brick and mortar round. Yeah and the personal shoppers now are we focusing more on that. Training the staff I see now with a lot of customers see I have training. Sessions in classes to a lot of the smaller stores definitely due to boutique more. More to boutique stores and I've seen a lot of a lot of them starting to each and that way. A lot of personal lines and and yes cosmetics stores definitely have fats. So I think that that's definitely the experience that there all. Going toward the end moving forward. What is the future in ten years do you see. I think dad overall experience I think that you'll see that in most if not all stores that that they have to have bats. That at least 12 Q people on staff where. They can say hey you need a personal consultant today AG need to have that Alameda experience. What can we help you with. You know greeting them as soon as they walk in. Making sure that they're helping them as soon as they step by. In that storm and you know only does the old Disney it. Experience how used to play that game as a child you remember that if he could make it to the back while without without some BS someone greeting you are or interacting Disney's tourism Anderson yet you're out and make it. Soledad yeah. Sorry I think it but that is very good with their customers I think that's insane I think that that's gonna come back where you will not be able to make it usually in the back well Ben Stiller. Without being greeted or you know because. I think that that's started to kind of go to the wayside yeah with a lot of places and under his. You know I would not just because of cutbacks that just in general. But I think that that's starting to come back with a lot of a lot of our retailers and and it passed. I'm because you are too decree up against online in you don't. You don't get that up mine that's something that's missing from online I mean you can chat box it up this much she's you want but it's still not the same inner action that you have. Within the person when you go into the store you still crave that inner action is someone. And you know when I go into. My favorite story that I shop and did it and I won't name dropped out that I always. Pop out and say you know. Eighteen you a look at this is I'm not sure yeah I don't shave my I don't know yes I did you come look at that I need I'm gonna need prayers that I did exercises this to Ted among but I may it please take a look and tell me the mystery and air. And I have a relationship with that staff because I men are now I know I'm right you might write it. Arming our gas every practice and they in this store is new item you're gonna lobby and check out and they've. They know my style so windy arm miner with their customers. And that's imprint you know and sending that you may not think with the upgrade I knew. If given a shot you trust and the they're the professionals. In print on nearly s.'s and is not a commission saying send back your mind you not thinking oh boy here we go furniture salesman. No offense to any. Furniture salesman guy. I'm not let. Yet it and this is noise and a female thing do we cream this interaction more than men no I don't think oh I. I'd taken my husband shopping and maybe now with the salesperson specifically but when I go shopping with then he does the same thing with me at least then. You know he comes out and he wants opinions and you know I don't know if he would do it out with a sales person per say but he definitely wants that opinion from me and want to make sure that it looks. Good and you know it's the right fit in that kind of thing I don't know if you would like I said -- out with someone on this oust Clark yeah if you would have accountability level. When someone there but he definitely wants someone to guess that in a second opinion. OK so now because this is. The seven figures podcasts and we talk money here grown. I have wide and I. I I see is. How do you guys grew up when it comes to conversations about money because we. We always look for our inspirational successful people who inviting and on a podcast. People there we came kind of pick their brain and learned from. Did you grow up in an atmosphere where mom and dad talked about money freely in there where lessons being talked constantly order. Not particularly I mean lessons learned letter I ever was as tight. Let you know you'd be your talents and your gas leak into the bank and deposit it. I mean other than that I mean I wouldn't that's a lesson and it GAAP I don't like him gently. Ailing finances currently discussed at bat. I'm actually taking the money going to the bank adding it in. How item is something that we did. And and now today. Would you say that you. Where. In a comfortable financial spot where. Idol years in the you know I am I aid could be better. I guess that's say I don't know our own little lessons that I learned had. And beneficial for me yeah my life I am but I mean. I am I would like to be an empire I think everybody can say that yeah. Which is self aware. You spender out Aybar. I am. Becoming more are obvious they've earned you do work for the freaking mall get hot I'll pray so dangerous walking down the hallways looking at these sales and disciplined yeah you didn't bury our discipline amber is so hard at. Anyway when she CNET as and it's now and something which was fantastic and and a half a duet. He is our land locked on the market data yeah. Done yet picks all the disrespect. Our Melanie Malia. It's my mom listening to this podcast I don't think this and odds are equipped with a thumb as to sailor and a lot of lessons growing up. And now I handle all the financings. For our family just because this I learned a lot of lessons cropping up. So that means she. She tell you a lot of serious mistakes he did not handle the financing growing up. I can't gotten which could be big lesson in itself corrects and happening but yeah it was small business owner. Growing up I am and he had all the financing. So do is say they share they now I don't know. Claire you married dating an owner situation and your situation. Now renege I share what I do but I ate. Candy apple feeling in relationships OK it's not fair Ted totally set someone out from the finances consensus not helping but. Feel like one person does need to seek to lead yes I like I like to take control of Aden and get a lead in I you know I handle the money. It's our bills and yet like I can't bills mature thing. He goes out when he needs to you in back spasms he's gonna say a but it is chaired by died tomorrow you don't think. I'm gonna be nasty night yeah what the fans were ready. And then Larry you know you all that stuff. Do you pay any of you. Willing to admit any financial stumbles that we can from. I mean honestly stumbles it's just you know when I was here. In Mac early twenties it was. In the patio this is right in the radio days. You know threats out of seminary college there wasn't much come in and night is second job. And off student loans it was tough though but I think everyone. Here. Is in that position no one's planner and not very announced today that though that's inspiring right there because there's a lot of people coming out of college with this huge student non. First gig is going to be the gig. Or her in the salary that you hoped to end up with you know fray but year. You've worked your way through at so there's hope. I guess the message there I and now we're you know we're in a dead spy and I'm a little bit of the saver and a little bit of the Spider-Man cannot movement hey gotta have a little iron and I can't save I mean. We've the most part of the so Claire and I heard chatting. Before we came in and I was saying to her you know you keep it hit by a bus tomorrow so Friday and scroll everything the way like cattle little bit of fun you know like we try to take the kids on vacation and we. You know. They tune. Saved we CNET baked case right of the south and now right we save for that occasion and we always have a little bit save deciding teach anything. Curry easy happy and easily get our breaks down or something goes on the house are in now. And any saying you know a little bit sad inside zone which is doing is just I mean the basic Tenet is. Don't. By something that you really can't or right and that little emergency stash if I sit ten dollar toy that one of the kids want is one of the kids needs knew he had sort you know it openly your immune from hockey. How are they just picked up right this year sport. Mean they're all X let me and a hockey eight years brutal. You know I say did you saying they give me yet there's nothing that they really winds or purse staying out addicts. It's by a Christmas is on its path is like the good luck Perry didn't. Let his budget for Christmas. You couldn't do. No. Yeah. You know I I got to spore and I don't have any candidates and it really does tablet my parents and my set and I her babies and for any reason now the burden. All girl and now he's hey I'm Brian B yeah did they tell our budget guys we finish one. Kid and amigo. Oh well homage to we spend on him. Okay Sweeney's it's it's funny I did yeah okay how old are your kids. Fourteens XOK do you do a number of gifts or our value of the guests. What's hard kidney and he's stiff frames yeah. So this fourteen year old may end up with last guest speak his his guests are usually more. He understands backtrack a candidate Barack sorry. Yeah I'm battling that right now house and senate but didn't tell my thirteen year old back you get a budget this year can and should it so some ungodly. He doesn't understand this confident let's how. Jesse iron. Men and no thank you so much for taking the time in command in Shanghai and handing you an idea of next week on the podcast this steps that you need to follow to retire early and it doesn't even matter what your income is right now. Plus supposed to endorse finance sizzling you decide you remarry and you don't have kids of your own. How you. Merged. The family budget that's all next week on a seven figures podcasts and thank you so much for your reviews and ratings on iTunes thanks for checking us out on Google play and Rochester. NASDAQ come. My dad has been have a big influence on my life especially however few financial decisions in ever since I can remember. He was always there with them memorable motivation no crowds. And that's how we and the podcast Father Knows Best my dad and cents have a good weekend dominate your finances. Benjamin Franklin. Said don't put off until tomorrow what you can do today. My view. Don't put up until tomorrow what you can always go together. Don't spend money you don't test today. So you won't have to worry about paying for a while.