25 Years ago, Ray Oldenburg coined the term “3rd Spaces” in his book The Great Good Place as “public places that host the regular, voluntary, informal and happily anticipated gatherings of individuals beyond the realms of home and work”. In it he describes cafes, barber shops, general stores and other retail spaces where people would gather to socialize. The article’s author, Lee Peterson of Wayfind, argues that 3rd Spaces are becoming more rare and are the answer to meeting the needs of Millennials, who he calls the Storeless Generation. Wayfind authored a study showing that these consumers would rather turn to technology to avoid going to store and that few retail spaces offer a 3rd Space for consumers today.This, combined with their social media use, has created a void of meaningful interaction in the real world.
Do retailers need to rethink the way they think about how the retail space is valued by the “Storeless” Generation? What are the implications for marketers and the ways ideas connect with Millennials? #MarsTalk