Retail and leisure destinations find themselves at a similar point – all looking to build back better in the race to robust recovery. We are seeing an exciting appetite for technology and innovation to elevate recovery. From retail destinations with the right data solutions in place that are seeing even greater benefits, to shopping and leisure locations that are reopening or opening for the first time with highly considered tools to get the right start and measure progress and potential.
It’s true that analytics have been a hot topic for a while, but now, as everyone starts from a pretty even playing field it is essential to utilise the benefits that technology can offer in giving high streets, retail destinations, and individual stores a competitive advantage in their revitalisation strategy.
Retail real estate faces challenges, but with them come some exciting growth opportunities. The last year has shown customers how precious physical experiences are and the importance of human interaction – be it with other people, products, or brands. We are on track for a return in retail as destination retreats as tourists come back, and there is equally a trending opportunity towards retail real estate come enticing workspaces. Like the most effective properties, the most efficient data also has a well designed structure, which should be tailored to answer the individual needs and vision of a site. New and innovative concepts that seek to extrapolate information from unusual data sources or to understand performance from a completely new perspective may enhance your overall strategic options. However, even your core data, once it is being reliably collected, can quickly help you craft the unique appeal of your destination by connecting different data points for consistent learning.
Analytics in the right arms at the right moment give landlords and management teams a true picture of what is happening at any given moment. This provides greater flexibility to capitalise on what activities and tenant mixes are working, and when it is necessary to adapt. Wherever you are in your data strategy, our complete retail performance management platform Retail Advantage can arm you with the tools you need to get off the blocks fast and support a revitalised vision.
We would like to hear your goals, and share our experience in building the right data strategy with technology that delivers for the unique identity of each retail space. Get in touch to discuss your data strategy.