- The pandemic has accelerated the desire for an in-door shopping experience
- Retailtainment provides enticing experiences beyond the traditional shopping experience
- Millennials and Generation Z prefer spending on experience to goods
- As of Q3 retail supply has over 33 000 sqm
“Millennials and GenZ view shopping as a desirable social activity and are willing to spend more on experiences rather than spending on goods,”
Shopping has become easier than ever by allowing people to shop from the comfort of their homes. However, after two years of not being able to go out freely, people now value the experience more than ever before. This, in turn, led to the growth of retailtainment in the kingdom.
So what does Retailtainment exactly mean and why is retailtainment gaining importance for modern retail businesses?
Retailtainment is the combination of retail and entertainment that provides an enticing customer experience beyond the transactional shopping experience. The idea of retailtainment is not relatively new. In fact, it has been around for a while now. However, in Cambodia, the term retailtainment is still in its infancy. Even so, the pandemic has accelerated the growth of this industry.
The Mall Company is based in Phnom Penh and cited a survey regarding demographic and shopping behavior among the two generations: Millennials and Generation Z.
The millennial generation, also known as generation Y, is defined as anyone born between 1981 and 1996. Those who were born between 1997 and 2012 are defined as Generation Z, also known as Zoomers.
Although online shopping makes it highly convenient for customers, according to the report, 77 percent of Millenials and 49 percent of Generation Z, said they prefer spending on experience rather than spending on goods. Additionally, both generations choose in-store shopping over online shopping due to the experiences.
“Millennials and GenZ view shopping as a desirable social activity and are willing to spend more on experiences rather than spending on goods,” the report wrote. It noted retail centers have responded by transforming into experiential hubs offering the opportunity for collective experiences.
Aeon Mall Mean Chey, for example, has taken retailtainment to another level by incorporating an outdoor playground for kids, along with a large outdoor park that allows people to enjoy the view outside of the mall while letting their kids play. Further, inside the mall stand the tallest digital signage in Cambodia that provides all information, promotion, and videos featuring wildlife – giving the customer a new and extraordinary experience.
According to the report as of Q3 2022, retailtainment in Phnom Penh stood at circa 33 000 sqm, which is broken down into Cinemas, Indoor playgrounds, Arcades, Bowling areas, and indoor theme parks.
Written by: Kem Sreyneth