As we reflect on a year of sped-up change, we have a case study of what is possible with the challenges that retail and leisure destinations weathered. Here we look at the lessons and the solutions that will help sharpen your strategy for 2023.
Fresh from MAPIC 2022, which focused on navigating retail towards a more “human” world, we took to the Innovation stage to talk about closing the gap between the amount of data available and empowering people with the timely intelligence they need with our solution Retail Advantage.
Where we choose to work, spend our leisure time, and what we choose to wear and eat defines our sense of identity, so retail and leisure professionals needed the data to work harder than ever to tap into what delights and fulfils this cultural experience for consumers, and adds value for brand partners.
Nothing can replicate the inspirations and interactions of real-world retail, and destinations doing it right played to this strength. They are also making the most of digitalisation to free up time and focus on more fulfilling face-to-face interactions. At Mapic, ART’s Director Gareth Jordan highlighted the opportunity of augmented BI in powering the identity for “human” retail with tools that adopt a conversational user experience and democratise more data insights. We have seen retail destinations withstand this year’s challenges with tools that increase their capacity to measure, act and adapt with more transparent performance indicators. This enables organisations to use the intelligence uncovered to make a genuine difference.
It might not always be a pretty picture but smart utilisation of accurate data for true visualisations of what is happening and what is or is not working has proved universally key. Uncertainty will carry through from 2022, so growing profitability will require a sharp focus on performance measuring to manage unpredictable consumer patterns as they continue to arise.
One pattern that is not waning is the appetite for F&B. An insight survey by our client McArthurGlen has shown that the food and beverage offer plays a critical role; visitors who engage with F&B tend to stay for 34% longer in its centres and spend 19% more on retail. As such an important part of consumer engagement, consistent metrics to get the food strategy right are essential.
This year we have also seen an increasing focus towards ESG, which has impacted the data required by everyone from facility teams to property managers and investors. By formalising your business values and actions with the data reporting toward them, consumers and brand partners can be part of your journey. Analytics to optimise processes and operate destinations more sustainably will be even higher on the agenda for 2023 to improve efficiency, reduce expenses and utilise the business benefit while growing better places for the future.
Save the date for our first event for 2023 to discuss data for resilience. Meet us at the Centre Managers Conference for Retail Destination Live on 28th February. Or get in touch today to see how we can help you realise your vision.