Embracing Mobile Data
In its Q1 2017 edition of Insights, Transwestern, the commercial real estate firm, published an article entitled,”Embracing Mobile Data.” We at DMM, of course, love articles about data, it’s our bread and butter: DMM’s inventory of data depends on this type of analysis and research. In the article, GIS Analyst Brian Landes explained how retailers are getting more sophisticated in their tracking of consumers’ behavior in their stores, and the benefits derived from the use of technology in that effort. “By tracking consumer movements within a store’s physical footprint, a retailer can reconfigure the layout to be more efficient and better meet customer needs.” Of course, Landes points out, the tracking doesn’t need to be stealth: there is much to be gained by actively interacting with consumers via apps, giving consumers the option to choose to interact with retailers for some benefit (a discount or other tangible benefit not available anywhere else). Have you embraced this kind of system in your retail shop? Tell us via Twitter or on our “Contact” page.
In 2017, ‘Experience’ is the Name of the Game
We are a society that, it seems, constantly needs to be entertained. It’s not enough to sit back with your eyes closed for a moment, there is so much content we could be devouring! Whether that’s good or bad, I leave up to you, dear reader. However, it’s a concept that is a force to be reckoned with. In a recent Q&A published on Shopping Center Business magazine’s website, Garrick Brown, vice president of retail research at Cushman & Wakefield, spoke with SCB’s editor in chief, Randall Shearin. Brown noted that in addition to entertainment being necessary for retailers to attract more consumers, the concept of food halls (a more upscale dining experience than a typical, convenient food court) and other enticements are critical for success. “It all comes down to experience, and that’s everything from having easily accessible wi-fi in your stores to offering things that we didn’t used to have to offer. A lot of the cooking stores are doing great because they’re offering free classes, samples of food, events and cookbook signing.”
Urban Land Institute Weighs in on Outlook for Shopping Centers
What do you get when you have four of the top experts from the Urban Land Institute’s Commercial and Retail Development Council together talking about the future of shopping malls, changing consumer preferences and other topics shopping center operators and their partners are definitely interested in. You get educated! Contributors to the ULI article, “Industry Outlook for Shopping Centers,” included: David Birdsall of 360 Property Partners; John Bucksbaum of Bucksbaum Retail Properties; Joel Mayer of Rockwood Capital; and David Todd of PGIM Real Estate. Mayer noted that, “People are eating out much more. A study came out last year that showed that monthly grocery store sales are now lower than sales in restaurants. That’s an amazing phenomenon. When we look at reshaping a shopping center, changing the mix of uses from 20 percent restaurants to 40 percent restaurants represents a huge shift.”
Get an introduction to the helpful tools DMM has to offer to its subscribers on ShoppingCenters.com. Click for a quick peek of the video on YouTube that highlights the various ways you can query, view, output and map the deep, comprehensive data we have available. (update: we are now covering more than 8,300 malls and shopping centers).