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Mapic 2022: Five Key Takeaways

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Innovation continues to shape the retail property market, and this will be crucial to transform the customer experience – and the bottom line. That was one of the overriding messages at MAPIC 2022, which attracted more than 1,600 retailers, developers, leisure operators, F&B specialists and investors from all around the world. 

The international event provided an opportunity to analyse the main changes taking place in retail real estate. As highlighted by Robert Travers, head of EMEA retail at Cushman & Wakefield, the industry has been through ‘one of the biggest stress tests imaginable over the past few years.’ Economic uncertainty will continue to create a rocky path, but despite this, conversations at MAPIC 2022 were focused on the positive and the opportunities that lie ahead.

So, here are our thoughts on the event’s main takeaways:

Omnichannel is evolving fast

Omnichannel is already a vital part of retail strategies but rapidly evolving. Ensuring customers can seamlessly interact with multiple channels is fundamental to improving their experience and standing out in a competitive, and increasingly challenging, market. This trend is driving investment in new technology that can enhance retailers’ offer both online and in physical stores. Innovative digital tools are providing more opportunities for brands to enhance their services, and shape new and exciting customer experiences. An omnichannel approach is also enabling retailers to build stronger connections with their customers and deliver consistent messaging around their brand and what they stand for. This is key to creating a sense of community and building loyalty.

Gen Z will drive growth

With future buying power in the hands of Generation Z, retailers have a significant opportunity to increase revenue by strategically targeting this next wave of shoppers. 

The 10 -25 age group were born into the digital age, making them tech savvy and willing to shop across all channels. They’ve also been called the most critical generation, which means their expectations are likely to be much higher than other consumer groups. 

Retailers will need to respond with a seamless omnichannel strategy, focused on improving the overall experience for Gen Z customers. Digital and in-store touchpoints will need to be as memorable and powerful as possible, so investments in technology across both channels will be essential in the years ahead.

Variety is crucial in shopping destinations

The next generation of shopping destinations will be based on memorable experiences and spaces. This will require a carefully crafted mix of retail, leisure and entertainment to meet the changing demands of different consumer groups. Attracting and retaining the right mix of tenants goes hand in hand with this strategy. Providing digital tools that can ensure retailers, leisure operators, and F&B specialists feel connected and engaged will help to strengthen retention rates. 

Data is king

As the focus on the customer experience intensifies, so does the need to harness data. Using technology to understand a customer’s behaviour, their needs and expectations will create more tailored services and experiences that build loyalty. Monitoring data is key to continuous improvement too. Analysing customer feedback and sales data through digital tools will ensure retailers get a clearer picture of customer satisfaction and can measure the impact of any specific promotional campaigns or shifts in strategy. The rise of more advanced tech such as artificial intelligence is also helping retailers to identify key trends and respond accordingly such as adapting marketing, merchandising, supply chains and promotions.

Building resilience

After a few tough years, the retail property market is on a steady path recovery. Although there are still challenges ahead in 2023, adopting fresh thinking and new technology that puts the customer first, will help the industry build back stronger.

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