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AS BIG BOX STORES DECLINE, THE ENTERTAINMENT INDUSTRY IS DISCOVERING A GOLDMINE OF REAL ESTATE – THE PERFECT BACKDROP FOR THE FEC. By Sean Krainert he ebb and flow of the national economy and its sectors has recently revealed a prime landscape for FECs to flourish. For every deficit and downside in one industry, a door of opportunity opens in another. This natural evolution is directly tied to continual social changes and technological advances. Inside this big picture is the inevitable change in how retail is consumed and the reemergence of the experience economy as FECs take over former big box chain structures and mall spaces. As the source of major spending power for the retail economy transitions over to an online platform, its previous physical real estate is offering new value to the entertainment industry. For example, a consumer can purchase a pair of jeans in a physical store or on the Internet. The choice is dependent on preferences, but the end result is the same: they will have acquired a new pair of jeans. The driving power behind the FEC is that the experience it offers cannot be replaced by technology—rather, it can only enhance the experiences from within for the consumer.
T 36
IBI
November 2017