“Tenants who are most aware of experiential offerings or other related improvement initiatives are also more likely to renew, advocate for their existing landlord and pay a higher rent premium.” In fact, “decision-makers who are “extremely” or “very aware” of experiential offerings and/or related improvement initiatives: 51 percent say they are “extremely likely” to renew their lease,” according to a report by Brightline.
Retail tenants want to feel good about a location or a shopping center they’re leasing in. There’s a lot of talk right now about occupier experience for office tenants, but what about retail tenants?
Tenant experience in offices is developed but there is further opportunity to build that same momentum for retail. Especially in areas like smart operations, sales, marketing, data and analytics, security, and community.
The best way to create a more engaged and enjoyable tenant experience is through technology, which is what our proptech solution is all about. But below are three vital ways retail tenants need their leasing experience to be elevated if they’re going to stick around.
Business Management and Assistance
Business management is the number one important feature for tenants according to a report by CBRE. A platform like Mallcomm allows tenants and their staff to easily report issues in areas such as security, housekeeping and maintenance, and for the center teams to better manage these. It also makes simple everyday tasks such as parking or access management easier. This all saves them time and effort allowing them to get on with other aspects of their jobs.
Making sales targets is the core of the retail business. Anything that supports that is going to make their experience better. Especially technology solutions that offer reliable data that’s easy to digest and share. Mallcomm has experienced continued success in this arena. For example, one Wagamamas takes 70-80 orders per week through Mallcomm, helping them to get closer to their target and able to track success.
Retail employee turnover rose to 81 percent in 2018. Retaining quality employees is an issue that every company faces, and it’s one that directly affects the bottom line. Using your retail community (shoppers and workers) to advertise vacancies can really help with headache of recruitment, and this can be done through a platform such as Mallcomm.
Harnessing the power of data
A report by IBM states that: “62 percent of retailers report that the use of information (including big data) and analytics is creating a competitive advantage for their organizations.” With so many initiatives to collect and analyze data resulting in a lot of unused analytics, we’ve found that most retailers are more than happy to have a solution that will essentially do the collecting and reporting for them.
Property managers and owners also now have a real opportunity to harness the power of from the growing amount of data now available through technology, and use tech to turn that into a really valuable commodity.
Safety is the most important responsibility of a property. Part of the tenant experience is to feel safe in a location. Across all types of commercial real estate properties, security is a top priority to tenants. Technology adds another layer of safety and another method of communication in getting critical messages to the right people when it’s needed.
In real life, we get great feedback from tenants about how Mallcomm improves their experience as David Fuller-Watts, Mallcomm Vice President, explains: “When we set Mallcomm up in shopping centers we talk to every retailer in the center, showing them the features, how to use the technology and how to get the most from it. We get such great feedback from retailers and their staff, who really value having a tool like this to help them in their everyday work. It not only makes their job easier but adds value to being in that center through access to special offers and with value-added information.”
What do you see as the single most important component for a positive tenant experience? Let us know by connecting with us on Twitter, Facebook and LinkedIn!
Have a question about how Mallcomm can help your development better connect? Visit our booth in the Innovation Exchange at ICSC Recon or arrange an appointment now.