Area 15 in Las Vegas is a retail and entertainment complex that offers attractions in addition to shops and catering establishments, elevating the complex far beyond traditional retail. Within Area 15, developed by New York firm Fisher Brothers, Interstellar Arc describes itself as 'the world's largest VR experience'. The John Wick Experience transports visitors into Keanu Reeves' film world and challenges them to escape, with a fully stocked bar awaiting them upon successful completion. Meanwhile, Meow Wolf's Omega Mart presents itself as a psychedelic supermarket, its shelves filled with unimaginable products – 'Who told you this was butter?' as space-fresh spray, for example, with descriptions that seem to come from another dimension.
According to market research firm Metatech Insights, the global experiential retail market was valued at USD 132 billion in 2025. It is projected to 'more than quadruple' by 2035, with an expected compound annual growth rate (CAGR) of approximately 15.2 per cent over this decade. The popularity of experiential retail, which Metatech describes as 'a strategy in which physical retail locations are designed to provide customers with interesting, immersive, and memorable shopping experiences, rather than just the exchange of products', is largely linked to the changing consumer desires of younger generations.
Metatech notes in its report that experiential retail is driven by consumers' desire for 'an exciting shopping reality'. The current customer base, especially Millennials and Generation Z, demands meaningful, emotional, and interactive shopping experiences that align with their ideals and lifestyles.
Tyler Winograd, Retail and Consumer Experience Studio Director at the architectural firm Gensler, explained that retail was originally purely transactional. It was about creating a space where one bought a product and left. There was no incentive to increase dwell time, boost purchases, build brand loyalty, or offer a human experience – memories, emotions, and the desire to return. It was merely about selling products.
Since product sales are often handled online today, competitive retail destinations must offer a higher level of experience to make an in-person visit worthwhile for consumers. Winograd emphasised that the numerous options competing for people's time, attention, and money require an offering that goes beyond a mere transaction, as this can be done online. All customers, whether in soft goods, hard goods, or hospitality, are thinking about what holistic experience they can create in their space so that people are happier, create better memories, and buy more things to stand out in the market long-term.
The successful implementation of such immersive concepts is not an easy task and requires a fundamental shift in the mindset of developers, architects, designers, and marketers at every stage of development. Experiential retail developers must do more than merely prepare for the sale of a product. They must conceive a larger, more comprehensive, and more relevant story that they can share with their customer base through the most creative and participatory means.
Winston Fisher, Partner at Fisher Brothers and CEO of Area 15, stated that it's about creating a place where storytellers can tell a story. Area 15 is a place where people come together for celebrations, events, and various types of activations. These are not the old days of the real estate industry, where an anchor tenant was installed to attract traffic, and people lived off that. In their case, they are creating a place that is about the consumption of entertainment and the consumption of memories.
Fisher pointed out that the creative side of such projects often poses the greatest challenges. He stressed that creativity intimidates many people. While the end result is appreciated, most shy away from the banality of mediocrity in the creative process. The biggest challenge is getting people to be unique, authentic, or different. People use these words, but when confronted with such opportunities, they usually hesitate. The best experiential projects take a meticulous approach to detail. Securing the buy-in of all stakeholders on the importance of these details can be one of the greatest challenges.
Appreciating the significance of art, lighting, and mood, and how to present the space at different times of the day, is difficult for many to grasp. One must be deliberate with every detail, Fisher said. If the task is not in the original design but in the curation of the experience, it's less about brainstorming ideas and more about finding and attracting the right mix of features – a tightly woven, interlocking puzzle of experiences. Unibail-Rodamco-Westfield (URW), operator of 66 shopping centres in 11 countries, seeks retailers with truly unique ideas. Geoff Mason, Executive Vice President for Development and Asset Management at URW, stated that with the central role experience plays for people, their properties are scrutinised for what they can offer people that they cannot experience elsewhere. They are looking for retailers who know how to create experiences.
