The rise of millennials in the workforce, and especially in retail, is driving change in every aspect of how business is done. With an increased reliance on technology and significantly different expectations for work/life integration than older generations, it’s what today’s employee expects. This influences how they expect to interact with the place they work, whether that’s a shopping mall or an office location.
Retailers, and other types of tenants, are often miles ahead of real estate in terms of innovation and technology. On the other side, you have asset managers and property owners, who have built businesses around and staked their future on physical assets.
Thankfully where there is a challenge there is also an opportunity. It is the real estate professionals who evolve their assets along with the changing population and embrace the idea of the “connected tenant” that have a chance to win.
Here we look at the areas where your tenants and their staff interact with real estate and where technology can make that experience more efficient, seamless and intuitive.
Streamlined property management
On top of the demands from their own businesses to drive sales, tenants need to be able to carry out property-related tasks with super efficiency. It is also both in the tenant’s and landlord’s interests to make sure the whole retail environment is kept clean, safe and appealing. By linking improved communication and operational function, technology can be used to transform operational management efficiencies for all stakeholders.
Your retailers thrive on data and the intelligence they collect. In comparison retail and other real estate has had very basic data at its fingertips. So there is a real opportunity to enhance the ability to share data through an easily accessed platform to support better informed business decisions.
Working together for the common goal
Both landlord and tenant are in a location for the same reason - to grow their business. Though not traditionally a strategy that we’ve seen working well in the past, the potential for more collaborative marketing and sales driving initiatives is significant, and technology can support and enhance this process through streamlined communication and easy sharing of information.
Adding value to your location by supporting your tenants’ businesses
Retail, office and residential communities are large, captive audiences, yet they are rarely tapped into to their full potential. They offer significant opportunity to drive sales through staff-to-staff or resident offers and reduce recruitment costs by being able to advertise vacancies.
Access to property, car parking, environmental system control, food ordering and other services in the location, all enhance the tenant and resident experience. A platform that allows this kind of interaction to be intuitive, adds a lot of value to that location for the user.
It is human instinct to want to be part of, and belong to a community. What’s on, travel info, special offers, new products and services are all important types of information for the people who work and live there. By making this information readily accessible, and even allowing workers and residents to communicate with each other, creates that great feeling of community, adding value and creating loyalty to your place.
The good news is you don’t have to look for a range of different technologies for all of the opportunities listed above, there is one platform that does it all - Mallcomm.
Mallcomm is now transforming retail community engagement, experience and operations in more than 350 shopping centres across Europe and now the USA. Built on the same principle as Mallcomm, its sister product Raven is the platform for tenant experience for offices and other real estate classes.
With an average of more than 90% tenant engagement through Mallcomm, retail destinations are seeing a much more satisfied tenant community, creating efficiencies through seamless and intuitive experience, all using the power of mobile technology.
For more information about Mallcomm and/or Raven, get in touch.