CRE Opinion: Transformative Technology in Retail

Commercial Real Estate CRE Opinion: Transformative Technology in Retail Retailer and property owners can easily get lost in data points. The key is recognizing that this information is not the answer, but rather a resource. By Steve Lieberman Published in Commercial Real Estate March 1, 2018 7:57 am SMS With the advancements of public transportation, automobiles, and the rapidly developing highway infrastructure of the 19th and 20th centuries, suburban sprawl was ignited as city dwellers escaped the bustle of city life and spread out with abundant stores and activities to enjoy just a short ride away. However, human nature is to cluster vs. disperse and as such, people naturally gravitate to coming back together to live, work, play, eat, and shop all in the same district, with as little traveling required as possible. Steve Lieberman Commercial property owners and retailers are happy to accommodate, ushering their in-bounding customers back to the urban core and combining properties with multifamily and office spaces in the creation of urban live, work, play communities. The less one has to drive, the better—and retail success has always been about foot traffic. Advancement is an endless goal and the ultimate transformative catalyst of such is technological innovation. In the real estate world, top real estate firms are making significant investments in adopting new-age tech tools such as geofencing, and beacon technology connecting communities like never before with property tech tools like AI Concierge services, eParking, and public WiFi—enabling shopping center owners and retailers to see who their customers are, where else they shop, how much they spend, and more. Property owners are able to use this information to augment and optimize the tenancy of their projects. For instance, if geofencing data is showing you that a meaningful percentage of consumers at your property leave to eat at a particular type of restaurant, open a similar restaurant in your property to keep those consumers on site. As a retailer or property owner, you can easily get lost in the data points as you work to apply these insights. The key is recognizing that this information is not the answer, but rather a resource to streamline your data collection, back up your experience, and reinforce your focus.  The unique nuances of commercial real estate transactions are certainly too complex to be completely replicated by artificial intelligence, however, data mining will materially augment these decisions and bring efficiencies to the analytics. Successful retail projects are adapting traditional mixes to include hybrids of previously siloed and singularly defined business verticals, including hospitality, distribution, shared work companies, experiential, and shop retail.  Younger generations, in particular, are eager to come back together. Property owners and retailers responding to the answers right in front of them will continue to optimize their businesses accordingly. Steven A. Lieberman is the Co-Founder, CEO, and Co-Chairman of the Board of Directors of The Retail Connection. Commercial Real Estate Most Popular Dallas' Vanishing Middle Class, Mapped By Alex Macon What Mark Cuban Eats For Breakfast By Lauren DeLozier This Ugly Dallas Apartment High-Rise Sure Does Look Familiar By Alex Macon Hot Property: A Jewel Box Home in University Park By Caitlin Clark A Look Inside Scout at The Statler Hotel By Catherine Downes Keep me up to date on the latest happenings and all that D Magazine has to offer. Related Content Commercial Real EstateThe Top 12 Real Estate Stories of 2016Christine PerezCommercial Real EstateWhy Businesses Are Flocking to Dallas-Fort WorthChristine PerezCommercial Real EstateThe Deal Ticker 2016Jessica Chen Comments D Magazine Partners 750 North St.Paul St. Suite 2100 Dallas, Texas 75201 Tel: 214.939.3636 Fax: 214.748.4579 CONTACT US Sections FrontBurner Food & Drink Arts & Entertainment Nightlife Home & Design Shopping & Fashion Health & Fitness Business & Economy Weddings Publications D Magazine D Home D CEO Subscribe Renew D Magazine Subscriber Services Company Info About Us Masthead Job Openings Internships Awards Customer Service Advertise Media Kits Events Case Studies Contact Us Connect Facebook Twitter Instagram Pinterest YouTube LinkedIn Google+ Reddit Copyright 2018, D Magazine Partners, Inc. All Rights Reserved. Privacy Policy Advertisement will run for seconds. Continue to site »
CRE Opinion: Transformative Technology in Retail