FEATURE
Building Community is Key to Retail Real Estate Success
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hopping centres have long served as important epicentres of commerce and community, but the industry faces unique
challenges today such as the continued rise of e-commerce and a long path to recovery from COVID-19. The pandemic brought about unprecedented changes that will have a lasting effect on how people live, work, and play. Landlords worldwide are responding to these challenges and tenant and consumer demands by merging physical and digital aspects of property management. Through the adoption of technology that enhances the brand experience, increases engagement with stakeholders, and builds a sense of community, shopping centres can remain competitive in our ever-changing world.
Mikaela Lovlund Regional Director, Nordics & Middle East Mallcomm
Creating Community: How Malls Can Build an Engaged Customer Base Through Technology There is no better time than now for real estate leaders to invest in property technology. However, in order to unlock the value and realise the full potential of their assets, properties must put tenants and shoppers at the centre of the investment. Developing a digital strategy for creating a sense of community should be facilitated with technology partners who are experts in the space. Platforms like Mallcomm take a “space as a service” approach, putting tenants’ needs at the core, increasing collaboration, and allowing teams to achieve operational success together. Gone are the days of supporting tenants with technology solely for collecting sales data. Mallcomm creates a unified purpose for tenants, centre employees, partners, and everyone who interacts with the location through centralised content and communication. It also provides tenants with access to data that adds value to their lease.
Exceeding Tenant Expectations In this rapidly evolving economy, tenant expectations about real estate are shifting. It’s no longer about price and location only - it’s about providing an experience they will sign up for a long term. All occupiers in a shopping centre, including retailers, restaurants, grocers, service providers, etc. need more help than ever to be successful. However, a tenant-centric mindset requires effort and resources. Through centralised data, real-time updates, reporting, and promotional programming, Mallcomm provides insight-driven, innovative solutions to deliver experience, loyalty, increased sales, and measurable ROI.
Summary As consumers are increasingly looking for technologyenabled experiences in multiple aspects of their lives, shopping centres are no exception. What has become clear is that landlords and retailers need to work hand in hand to give shoppers a reason to return to malls. And, with tenants seeking access to data at their fingertips, technology solutions like Mallcomm can convert two-way communication to online channels, flipping the landlordtenant connection from transactional to relational. This on-demand world has created a competitive environment where technology-driven solutions are a must for optimising operations and engaging with tenants in new, relationship-building ways. Through technology, landlords and property management teams can earn the trust and loyalty of their customers, in turn, ensuring their assets remain competitive.
RETAIL PEOPLE . JUL - SEP 2021 .32
