Modern retail real estate has evolved into an immersive experience with something for every type of visitor, from high-street favourites and department stores to designer shops and restaurants. These shopping malls include family-focused attractions such as aquariums, zoos, cinemas and ski slopes, which is why technology now plays a crucial role in managing multiple aspects of the modern shopping experience.
With all these assets to think about, it can be difficult to know where to begin. That is where your data comes in. You need to explore and understand your regional trends including demographic shifts, culture and politics. This type of data is key in helping you plan location, shopping centre sizes and can help determine what technology you need to implement going forward.
Data is the core of every successful strategy, but if you don’t have the right systems or the right strategy in place to use that data, it can become obsolete.
Single connected solutions such as Yardi’s award-winning Retail Suite, including Yardi Voyager Retail, can help you evaluate current and future occupancy with visual floor plan graphics, attract prospects, improve customer experience as well as gain better analytical insight from one fully integrated platform. They remove the hassle of collecting data from multiple disparate systems and can help reduce costs, drive revenue streams and increase asset value.
Big Data’s Key Role
The retail sector now generates more data each month than most vertical real estate markets. This is why simple tools or spreadsheets aren’t enough anymore for you to gain valuable insights into your data or trends.
Advanced, integrated technology now exists with a plethora of helpful tools that are easy to use. It can centralise your data, automate workflows and help property managers work more efficiently and maintain successful retail centre operations.
By utilising an innovative, cloud-based solution, you gain access to insightful analytics that you can use to make better-informed business decisions, whilst working from any location.
The significance of big data in retail and turning this into easily accessible, meaningful and precise metrics should not be underestimated. Big data helps shopping centre managers satisfy the needs of their shopping centre visitors, retailers and investors in ways that e-commerce can’t.
Analysing data, anticipating changes in customer needs and aligning it with specific assets and investment strategies can help you drive a sustainable and successful retail real estate.
Commercial Real Estate runs on Yardi
With Yardi’s Retail Suite, you can optimise all aspects of your retail centre management. See how the award-winning technology can enhance your operations through a connected solution.