New Era of Shopping Malls with the Growth in Revenues

New Era of Shopping Malls with the Growth in Revenues

New Era of Shopping Malls with the Growth in Revenues

There is nothing like shopping with friends and family, touching, smelling, and trying things out, and then getting that cup of coffee to relax the shopping mode. There are just more sensory inputs to deal with the in-store experience. With the pandemic receding and restrictions lifted in most countries, consumers are finally returning to shopping malls. At VIVIDI, we can see the footfall of retails and shopping malls increasing rapidly when analyzing client data from our powerful platform.

However, consumer shopping habits are changing, their expectations rise, and they are desiring experiences, not just things. To meet changing consumer needs, shopping mall operators need access to such visitor analytics, so they understand and adjust their space and tenants, to increase the effectiveness of the shopping mall.

Creating New Spaces With Highly Accurate Data

The experts from Kearney consultancy, see shopping centers and malls morphing into consumer engagement spaces (CESs) – transformed mixed-use commercial offerings designed to meet the needs of new and future generations of shoppers. To create such new spaces shopping mall operators will need more advanced data than what they have been using until now. And new technologies are enabling that.

While malls already use data from individual store revenues, these statistics are not deep enough for them to see how and where can stores and the mall do better – if the right kind of consumers come to the mall, if they have suitable retail, food court, and entertainment offerings. Having such advanced data and insights help strengthen the tenant mix and customer experience, increasing the number of shoppers, determining rents, and thus dramatically increasing revenues.

“Retailers and CES operators will need to master two sets of technologies: the ones consumers use to order their lives, communicate, and transact commerce; and those that businesses will use to identify individual shoppers, track purchases, calculate dwell times, analyze behavior, communicate with customers, and create real-time merchandising, marketing, advertising, and promotional opportunities,” Kearny experts reinforce our thinking.

In-mall Retailer Performance Evaluation

With VIVIDI’s smart AI-based sensors, measuring customer footfall and demographic is easy. The smart sensors are placed throughout the mall, not just at its entryway, to cover the entire space, including all store entrances. With these smart digital devices, mall operators can analyze how many shoppers pass by, what is their gender, age, dwell time, and how many will walk in the shops, thus in-store conversions. Understanding just this data delivers insight into how individual tenants perform. Further, based on each store’s revenue, and the conversion rate, it can be seen which stores are underperformers in terms of revenue even with the high conversion rate and comparing, for example, to the same stores in different locations.

If certain tenants consistently underperform with the high footfall it is important to understand if the demographics are right in the location. If the same footfall, conversion rate, and demographic work in a different location, the mall operators can easily spot such issues.

Based on such analytics of tenant performance, the mall management can validate the sales performance of every tenant. When store conversions grow over time, this could be an indicator for rent adjustments. With in-depth data and insights, mall operators can engage in more-informed rent negotiations with tenants, have better strategies for acquiring new tenants, and further mall infrastructure development.

Shopping Mall Conversion Insights (Weekly Comparison)

shopping malls visitor insights

If certain tenants consistently underperform with the high footfall it is important to understand if the demographics are right in the location. If the same footfall, conversion rate, and demographic work in a different location, the mall operators can easily spot such issues.

Based on such analytics of tenant performance, the mall management can validate the sales performance of every tenant. When store conversions grow over time, this could be an indicator for rent adjustments. With in-depth data and insights, mall operators can engage in more-informed rent negotiations with tenants, have better strategies for acquiring new tenants, and further mall infrastructure development.

See what type of data you could be getting on weekly basis.