Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2018. / Cataloged from PDF version of thesis. / Includes bibliographical references (pages 70-74). / This thesis explores relationships between experiential retail and historic adaptive reuse, and develops an understanding of their mutual potentials. The emergence of e-commerce is pressuring traditional brick-and- mortar retail to focus on enhancing experiences irreplaceable by online shopping. Meanwhile, an adaptive reuse approach on historic structures carries forward the city's legend via story-telling. A space and a story make a place, with uniqueness, character, innovation, and sustainability. Between online and offline retail, physical space is the differentiator that activities take place and emotions are felt in person. I look beyond the boundary of asset types to study an experiential trend shared by hospitality, residence, office, and retail. The main difference between experiential and traditional retail is understanding customers' social needs as part of the experience. The socializing effects are partially reflected by social media posts, sharing about unique products, digitalized service, various activities beyond merely shopping, and special space. Historic redevelopment is centered around continuing the heritage and creating synergy. Adaptive reuse is a resourceful alternative to save historic buildings from demolition, but not to be confused with historic preservation. The success of adaptive reuse depends on the right creation of program, one that matches the history and activates the place by engaging users. Historic redevelopment conveys meanings and references to the past that enhance the experience of users. This synergy can be a powerful mechanism to create value in real estate. After examining 10 cases involving experiential retail and adaptive reuse, I see unique opportunities that match the space characteristics in experiential retail and historic buildings, especially in a mixed asset type. Experience is intensified by the collaboration of multiple programs, and strengthened by interacting with a unique historic story. With a theoretical framework summarized from case studies, I compose a practical "menu" of space revamps and program creations for developers to "order from". Based on a sample of approximately 2500 social media hashtags, I characterize unique retail experiences. Applying the menu, I make recommendations to redevelop LA's Bradbury Building, one of the oldest commercial landmarks in Downtown LA, to be a mixed-program experiential center. / by Alice Chen. / S.M. in Real Estate Development
| Identifer | oai:union.ndltd.org:MIT/oai:dspace.mit.edu:1721.1/117448 |
| Date | January 2018 |
| Creators | Chen, Alice. S.M. Massachusetts Institute of Technology |
| Contributors | Dennis Frenchman., Massachusetts Institute of Technology. Center for Real Estate. Program in Real Estate Development., Massachusetts Institute of Technology. Center for Real Estate. Program in Real Estate Development. |
| Publisher | Massachusetts Institute of Technology |
| Source Sets | M.I.T. Theses and Dissertation |
| Language | English |
| Detected Language | English |
| Type | Thesis |
| Format | 74 pages, application/pdf |
| Rights | MIT theses are protected by copyright. They may be viewed, downloaded, or printed from this source but further reproduction or distribution in any format is prohibited without written permission., http://dspace.mit.edu/handle/1721.1/7582 |
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