Five Point Countdown – ICSC OAC Summit 2019

Digital Reviews are Key

Digital reviews from today’s customers are so valuable, so ensure you are receiving them from your tenants. Consumers nowadays are not just demanding good value, they’re also demanding a connection with the product they’re searching for. Whether it’s clothing or food, they want to have a purpose, they want to tell people about it and they want to share their experience with other people.

Data Science and Geo Fencing

For shopping center owners, data science is really going to focus on geo fencing. Geo fencing is how a company can track cellphone locational data and understand where the client is coming from, how long they’re spending in a location, and which direction they’re headed next. In doing that, they can look at the demographics of those people, and make smarter business decisions about the tenant mix that they have in their shopping center.

Parking is Evolving

As the future evolves, transportation is changing as well. There are people thinking, “We’re not even going to need cars anymore because everything’s going to be driverless.” So, that causes you to think about what is going to happen to parking structures and all that excess space; especially in shopping centers.  It is important for shopping center owners to think about how they could repurpose their parking lots in the future.

Food Halls Are Important

Food halls are becoming increasingly important with the rise in demand for concepts such as these. There are several successful examples of food halls across the country; and where they are successful, tenants are paying a significant premium in rent due to their significant sales per square foot.

The tenants at the food halls are typically former sous chefs or chefs who have always had a unique idea of a concept of something that they’re passionate about and create a following based on this concept without a significant investment in a full-service restaurant. While there is a still a need for a great deal of start-up capital, the payoff in a food hall can be huge. It is a great way to execute this concept and provide the customer with a great experience.

Partner With Your Tenants

First and foremost, you need to partner with your tenants. Tenants understand that they need to provide their customers with a unique, and positive experience. And if they don’t, they might not be successful. If you’re an investor, or owner of a shopping center, consider partnering with your tenants to bring your clients the best experience possible. To do this, you, too, must also provide an experience and think about the shopper’s full journey; from parking to entering the mall to exiting. All of this impacts your clients.