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The McKinsey–ICSC report explores how AI, shifting consumer behaviors, and rising expectations are fundamentally reshaping the role of physical retail. It highlights how shopping trips are becoming more intentional—focused on either convenience or discovery—and outlines the strategic implications for both retailers and real estate players. Across chapters, the report offers a clear playbook for winning in this new environment, from redesigning store roles and capabilities to reimagining shopping centers as curated, experience-driven destinations.