Street Fight LIVE Insights: Are you Experienced?
For those OGs and rock fans, the title of this post pays homage to Jimi Hendrix. (It was the name of his award-winning album back in 1967!). And, like a great Hendrix guitar solo, the notion of experiences is timeless.
That concept was reinforced at our opening session at Street Fight LIVE, led by Nick Dan-Bergman of LT. He was joined on stage by Jorge Barragan, CEO of The Picklr, the fastest-growing pickleball franchise in the U.S. and Storm Tussey-Haverly, of IAAPA (the International Association of Amusement Parks and Attractions).
So, what does any of that have to do with MULO (multi-location) brands?
We live in a world where retailers create immersive experiences that engage loyal customers and encourage them to buy new products. Athleisure brands now offer work-out classes. Sophisticated Instagram backdrops (in both retailers and restaurants) give consumers colorful places to shoot and share UGC (user-generated content, a topic of another panel and an upcoming article).
Empty shopping malls and big box stores are being replaced with entertainment and sportainment centers (like Picklr pickleball centers), where people of all ages can dine, play, and socialize. At Street Fight LIVE, Barragan talked about locating his sports centers near other types of venues, which drives traffic for all the businesses.
Casinos and amusement venues are adding state-of-the-art experiences and technologies to their offerings. These enable visitors to navigate better and take full advantage of a wide range of activities, leading to additional revenue and repeat visits.
In short, a concept pioneered by Mall of America (building a destination within a brick-and-mortar location) and casinos (as shopping and entertainment hubs) is now being applied to businesses of all sizes across various industries.
During the session, our panelists shared some powerful statistics and facts. Tussey-Haverly reports that:
- The themed entertainment market is expected to grow at a CAGR of 8.3% from 2024 to 2027.
- Intergenerational experiences are on the upswing, with 55% of parents traveling with grandparents and children.
- Technology is revolutionizing the attractions industry, with VR, AR, and immersive experiences attracting visitors.
Dan-Bergman shared statistics about what consumers are seeking from today’s experiential marketing. He spoke about how brands and marketers need to think about “filling the SUV,” and how retailers and restaurants need to create experiences that meet the needs of different types of consumers across the generations.
We’re also seeing innovative technologies in retail, restaurant, and service businesses. In short, every industry is now an entertainment and attractions industry.
As you craft your MULO business plans, put yourself in the consumer’s shoes (whether they are designer pumps or pickleball sneakers) and ask yourself, “How can I turn EVERY visit into a powerful, immersive, inclusive, and memorable experience that will compel them to return, tell their friends, and family, and (of course) post on social media?”
Watch this space for more recaps of Street Fight LIVE and watch for our big announcement of its 2025 location and dates!
