RETAIL PEOPLE MAGAZINE ISSUE 38 - DECADE OF INNOVATION

Page 27

MARKET MIX

MODERNIZING THE MALL, FROM PARKING TO CHECKOUT How mall operators and retailers can work together to reimagine the shopping experience.

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ne would think, as e-commerce continues to grow, that physical retail would be on the decline. But, this has proven false as consumers continue to seek a balance between inperson and online shopping experiences. As retailers look to strike a balance between innovation in their storefronts and e-commerce, mall operators have an opportunity to shift their spaces to integrate a variety of innovative technologies that support their retailers, improve customer experiences, and provide the basis for data-driven decisionmaking. Integrating AI and spatial Analytics into mall operations Spatial analysis refers to modeling location-specific problems, identifying patterns, and assessing this data to make decisions. These solutions are becoming integral for retail environments, like those provided by companies like Pathr.ai, Deep North, and Fyma, which use machine learning (ML) and artificial intelligence (AI) to collect live insights on visitors’ movements through the mall. Data-driven insights are instrumental to improving the mall for both visitors and tenants. Information collected can help owners improve foot flow through the mall, increase conversion from common areas into stores, and provide advertisers with more concrete insights on audiences. Improving the end-user experience with “friction less” parking technology Parking is a customer’s first and last point of contact during their trip to the mall. Creating an improved parking experience for shoppers has to be a priority for operators and can be improved with various digital and physical enhancements. By implementing amenities such as Reserved Parking, and technologies such as license plate recognition (LPR), property owners have a powerful tool that creates a “hands free” experience for their shoppers and provides a reason for those same shoppers to provide personal information to access and pay for spaces.

DAVID BLUMENFELD

KYLE SPENCER

Co-Founder, Next Rivet

Co-Founder, Next Rivet

David Blumenfeld and Kyle Spencer are Co-Founders of NextRivet, a consultancy focused on supporting the implementation of innovative technology solutions into retail real estate. NextRivet goes beyond simple opportunity identification and solution recommendation, taking it a step further into partner matching, implementation and project launch.

Maximizing the retail sales floor through centralized fulfillment As e-commerce has grown, the physical store has proven to be a critical “warehouse” in providing goods that are closer to the customer. However, most stores are not set up to hold this additional inventory. By offering centralized fulfillment, the mall can support its retailers’ omnichannel efforts with additional storage, streamlined “pick and pack” operations, and costsavings on local deliveries through package aggregation. Implemented correctly, this is a “win-win-win” in terms of fulfilling the needs of the consumer, improving operational efficiencies for the retailer, and generating more income for the mall. Mall operators must innovate to remain relevant In a rapidly evolving retail landscape, mall owners and operators find themselves at a critical crossroads. By actively leveraging innovative strategies and technology to shape the retail experience and stay relevant in the face of evolving consumer expectations, they will rise above the competition and become invaluable to their retailer partners.

RETAIL PEOPLE | FEB - APR 2024 .27


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