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evaluate products and the way companies deliver them to us. Nick Romito is founder and CEO of VTS, the commercial
It’s also clear that millennials are at the helm of this movement, real estate industry’s leading leasing and asset management
opting for two day Amazon deliveries over a trip to the mall. platform. He began his career 11 years ago as a tenant rep and
While the retail landscape is certainly changing, the shift isn’t landlord broker at New York City’s Murray Hill Properties.
as huge as you might expect. In Q4 of 2016, ecommerce only There, he expanded U.S. presence of international companies,
accounted for 8.3 percent of total retail sales. That number is growing the firm’s 8-million square-foot office portfolio. In 2009,
expected to rise, but brick-and-mortar retail isn’t going anywhere. he founded Titan Advisors, where he quickly realized the need
Physical retail stores offer an experiential element that can’t be for a technology platform to help centralize leasing activity, analytics, and
replicated online—not only can you try on clothing items or test marketing. With that, VTS was born in 2012.
out products, but you can also interact with brand representa-
tives in real life. To capitalize on this advantage, many retail stores 1 “Global Internet Trends,” www.kpcb.com, June 1, 2016. www.kpcb.
are taking in-store experiences to the next level, building rock com/internet-trends
walls or running tracks to make visits more fun and engaging. 2 Ali Akbar, Ahmed and Chack, Erin. “How Millennial Are You?” www.
Landlords looking to lease retail space should keep this trend buzzfeed.com, Sept. 8, 2016. www.buzzfeed.com/ahmedaliakbar/mil-
lennials-are-killing-quizzes?utm_term=.anRlqEvjQ#.rcLQeZb1A
in mind and update spaces to support interactive shopping 3 “Millennials at Work- Reshaping the Workplace,” www.pwc.com,
experiences. 2011. www.pwc.com/gx/en/managing-tomorrows-people/future-of-
Millennials are shaping commercial real estate as they move work/assets/reshaping-the-workplace.pdf
from urban to suburban dwellings, demand comfortable, open 4 Brett, Deborah L. and Lachman, M. Leanne, “Gen Y and Housing,”
and collaborative worksp aces and challenge retail to rethink uli.org, 2015. www.uli.org/wp-content/uploads/ULI-Documents/Gen-
in-store experiences. We can say whatever we want about this Y-and-Housing.pdf
5 Luscomb, Belinda, “Why 25% of Millennials Will Never Get Mar-
group, but at the end of the day, they’re a driving force and the
commercial real estate industry needs to adapt. ried,” time.com, Sep 23, 2014. www.time.com/3422624/report-millen-
nials-marriage

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