Intel Corporation (NASDAQ: INTC) announced Monday that it will be collaborating with AREA51, one of the first purpose-built experiential retail and entertainment complexes. According to Intel, to achieve successes in the digital age traditional retails and malls have to reinvent themselves using innovation and technology. AREA51 is doing so by offering live events, immersive experiences and activations, as well as monumental art installations, employing ground-breaking technology and much more for the retail environment.

Joe Jensen, Intel vice president and general manager of the Retail, Banking, Hospitality and Education Division explained that, “Today, only top retailers can afford to explore and implement experiential design in their stores. We believe immersive, authentically engaging and inspiring experiences in retail are not only possible, but should be accessible for all. Ecosystem collaboration is in Intel’s DNA. AREA15 will help provide scalable, world-class experiential retail solutions for retailers and brands of all sizes.”

The role Intel will play in this partnership is to initially focus on immersive experiential retail design with the launch of the Intel© Experience Incubation Hub, a multiuse venue for innovation and collaboration. It will allow retail ecosystem partners — from creatives to technologists — to test new design concepts and leading-edge technologies.

Research shows that 81 percent of Generation Z prefer to shop in stores, and 73 percent like to discover new products in stores. This offers the opportunity to transform how a new generation of consumers chooses to interact with brands. Retailers and brands can’t afford to miss out on engaging this demographic, which is on track to become the largest generation of consumers by 2020 — responsible for $29 billion to $143 billion in direct spending.

“AREA15 is a radical reimagining of retail, where visitors can expect to be authentically engaged and inspired in an otherworldly setting,” said Winston Fisher, CEO of AREA15 and partner in Fisher Brothers. “Experience design cannot be separated from technology — it is essential that the two are intertwined and co-developed. That’s where our collaboration with Intel comes in. Together, we’re raising the standard of experience design, and developing best practices for combining technology, art and commerce in exciting, unexpected ways.”