It’s no secret that shopping center leases are changing. Short term leasing (day, week, month, year), pop ups, percentage rent are all part of the mix. While this has been a years-long trend, the accelerating impact of COVID-19 has made it an imperative today.
As leases continue their evolution, new priorities will emerge that landlords will need to consider. So, with a more fluid retail collection where certain elements come and go seasonally, it is raising the importance for the landlord to establish and cultivate direct relationships with shoppers.
Gone are the days where the retailer managed the shopper relationship and the landlord swept the floors and secured the space.
Understanding who your shoppers are and building on that knowledge to deliver relevant and personalized information to them - at the right time, and the right place - is of strategic importance now. The aggregation of retailers into a unified space is a valuable function to both retailer and the shopper. The same applies in the digital world where information about the who, what, where and when at the center, can be personalized and delivered at the right moment for each individual shopper.
By combining the physical shopping venue with a rich and smart database of shoppers, landlords can create an additional asset that increases value for the center, the retailer and of course the shopper. Our Mall Performance Cloud not only makes the management of this database possible, but also enables the data to be deployed for the benefit of the center and its retailers. It allows you to listen, learn and develop meaningful digital connections with your shoppers.
As you look forward, past the initial impacts of COVID, it’s time to start building these shopper relationships.