A concept is a good, distinctive and sometimes unique idea for the development
of a product, service, building or area. In real estate, concepts are already
applied to the development of, for example, office and residential buildings,
shopping, entertainment and conference centres, and leisure centres. Concepts
function well for such developments because they take a certain characteristic of
the development and apply it to for example, the architecture, the retail offer, the
decor and service. A concept often serves a specific target group, such as
shoppers or partygoers, conference or business users. A concept is often has a
sell-by date. A workable concept often becomes outdated in a number of years.
The development and implementation of a concept is usually the responsibility of
separate parties such as the architect and developer. Concept management is
rare.