For retailers, changing buying habits, particularly of millennial consumers, adds another complexity to the equation. Consumer spending that historically flowed through traditional retail outlets is now being shared with the travel, leisure and hospitality sectors. This trend is not limited to the millennial generation, but is also true of empty-nesters and retiring baby boomers, who are downsizing, moving into urban locations and traveling more than the generation before them. This fundamental shift in spending will cause retailers to do business very differently in the future as they will not only need to differentiate themselves in order to maintain their share of domestic spending, but also need to look to emerging markets and products and services for growth.

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John Nicolopoulos 
National Retail and Restaurant Sector Leader