The Way to Shoppers’ Hearts? Through Their Stomachs
A focus on the customer’s experience, higher-end experiences and unique food offerings are just some of the ways brick-and-mortar retailers are combating the digital trends and staying relevant in an increasingly digital world. That’s some of the advice attendees at an Urban Land Institute Spring Meeting session learned, particularly how dining experiences are revitalizing urban spaces and helping shopping centers to thrive and evolve. Advanced shopping customization services, such as license plate scanners to identify loyalty program members and direct them to reserved parking, are among the perks that retail is working on to make the in-person shopping experience worth shoppers’ while. In a recent article published by Urban Land magazine, Dawn Clark, VP store design for Nordstrom, said, “Our data show that where we don’t have a store, we don’t have much online business. From an urban land use perspective, retail always holds the fabric together.” Retailers are also learning a store’s design can be key in attracting new and repeat customers. No longer is it enough to have a box, but clothing stores “should be a platform for fashion.”
A Global View: U.S. Shopping Centers = World’s CBDs
While we usually focus this e-newsletter on what’s happening in the United States or Canada, we found some interesting ideas about how Central Business Districts (CBD) around the world are staying relevant. Some of the things they are doing can be utilized here in North America for shopping centers, often considered centralized hubs for commerce and social gatherings. JLL Real Views is a blog from commercial real estate services firm JLL. An article JLL posted earlier this month focuses on cities and how they can be more human-friendly. It starts with the theory that, given a chance to start over, people would build their CBDs differently than they are right now. “While technology continues to evolve at a rapid rate, our basic needs and wants of human connection remain consistent with what they were 100 years ago. There will still be a desire for continued human engagement, connected communities and workplaces that foster co-working and entrepreneurship,” said Rajiv Nagrath, JLL’s Australian Head of Corporate Account Management. Do you agree? Tell us via Twitter or on our “Contact” page.
Concerned About ROI? You Might Want to Check out Your ROE
Few things businesses do neglect to take return on investment (ROI) into account. Whether for equipment purchases, marketing strategies or personnel decisions, ROI is the yardstick by which success is measured. Some are thinking that barometer needs to change. As shopping centers look to make customers’ experiences the reason why they return and eschew online retail for live interactions with people, perhaps they should measure not just ROI, but ROE, the “return on experience.” In the age of social media, shopping centers’ customers are their voice, and they share their own personal experiences with their social media groups. Playtime designs and builds interactive indoor and outdoor attractions. A recent blog post focused on the need to consider ROE for benchmarking success. “Brand ambassadors are so delighted by the customer experience that they’re actively talking about it in-person and on social networks. The top companies often have a large advocate population, which gives an indication of the strength of their ROE.”
DMM / ShoppingCenters.com is exhibiting at ICSC’s RECon 2017- Booth N1329
DMM will be at, the ICSC’s convention that brings together retail real estate professionals from around the world. The show gets underway May 21st and runs through the 24th at the Las Vegas Convention Center. Come visit us at our booth (#N1329) and learn more about our RealSite™ Retail Trade Area products, created out of our strategic alliance with UberRetail’s mobile location data and the geospatial expertise and analysis of B.I. Spatial. Get a personal demonstration, find out what’s in store for ShoppingCenters.com online access down the line, or just come by and say hi.