Understanding shoppers isn’t just a priority for retailers. As a shopping centre owner or manager, knowing who is visiting your mall and how they behave under your roof can enable you to optimise your layout, improve marketing strategies and strengthen retailer relationships, in order to increase your venue’s profitability.
Here are five ways shopping centres can drive better value through customer insight:
- Spot untapped rental potential – by tracking customer activity around your shopping centre you can analyse retailer performances and identify true pitch to help understand rental value
- Measure marketing campaigns – quantify the success of promotional campaigns within your centre to determine which marketing activities drive greater shopper interaction and dwell time
- Adapt opening hours – consumers’ busy lives are impacting the frequency, time and duration that they shop, which might mean you are losing out on significant opportunities for your retailers. Knowing real consumer footfall patterns both day by day and hour by hour enables you to ensure your retailers’ services are available when shoppers want them.
- Attract new retailers – knowing what your visitors are buying is not just an opportunity to increase their spending among your current retailers; it also gives you the power to target new retailers that you are confident will perform well as part of your tenant mix, across your entire portfolio
- Learn day to day, week to week and year on year lessons – shopper insight does not just enable short-term understanding; building up a catalogue of data enables you to maximise shopper interaction and spend around key trading periods throughout the year, continually learning lessons from changing consumer behaviour.