Al has made an exciting discovery through the RapidBlue Shopper Analytics™ today. During the last few months, Al has been receiving data related to the individual retail stores situated in his centre through the Shopper Analytics™ solution and has begun to see a pattern that has now been clarified.
When negotiating rental agreements, some of his key tenants always indicate they wish to be next to a specific retail store for the centre to be interesting as a place of business for them. If such a location is not available, these retailers have always strived to use this as an excuse for lower rents.
Today, whilst looking at the data Al has been receiving, he has made a discovery to the contrary on part of some retailers. Retailers, who themselves believe they need a specific “tenant-neighbor” inside the centre to create enough visitor pull, have misleading preconceptions about their own pull. A sports retailer, recent addition to Al’s tenant mix, was on of these tenants. Unfortunately, this sports retailer had to be situated in what they considered a “non-sufficient” retail location, far away from what they considered complimentary in-centre tenants.
Now, by providing the retailer with information about their window conversion rate and visitor flow gathered in recent months through the Shopper Analytics™ service, Al is able to show the retailer how much pull they are actually receiving and to demonstrate that they are able to act as a destination store in the centre.
What makes Al particularly excited about this is not only the potential to use this retailer specific data in rent negotiations but the prospect of being able to improve the retailers own thinking about desired retail locations. Al believes his assistance to the retailer will pay off big time, in his centre as well as other centres under the same ownership.
Shopper Analytics™ is starting to become a key element in Al’s shopping centre management practice.