Image of City of Arts and Sciences by kuhnmi via Flickr
As business leaders in retail real estate plan for a new normal, strategy must shift towards reimagining our industry because as digital communication constantly reminds us #WeAreAllInThisTogether. Lessons learnt from our experiences during this crisis should deliver ideas about how to come out of it. We are sharing ways to ramp up resilience along with inspiring insights from people with experience in their field.
“Bad times have a scientific value. These are occasions a good learner would not miss.”― Ralph Waldo Emerson
This financial and humanitarian crisis is unlike anything we have experienced so it will inevitably teach us new lessons. Creating successful retail and leisure destinations is both art and science and maybe the key differentiator after coronavirus will be how destinations utilise this experience.
Companies must get creative to prepare for the future now. This includes safe and enticing environments for reopening, robust operational practices and strong communication and collaboration with strategic partners. The global mood has shifted and consumers and businesses will be looking to act with a heightened sense of purpose. Immediate access to a unified, accurate view of how retail performs through recovery is essential to give teams the analytics they can and must act upon.
Engaging the tenant community will prove even more important and the need for refined data and strategic visibility will only increase as properties change. No business will get through the pandemic alone, so there is a need to share data, learnings and insights. Practices and technologies that are successfully applied during this time could have a profound effect on the industry’s future. A future none of us want to miss.