Shopping
centers are not going away. Still, they need to find ways to generate more
revenues, with e-commerce capturing 9 percent of sales per year according to
the National
Multifamily Housing Council. Fortunately, retail management has two
very creative and different ways to increase revenues and enhance the customer
experience.
Partner with Ridesharing
Companies
The
ridesharing market soars with each passing year. About 15 million adults in the
U.S. used a ridesharing service in 2016, a 20 percent increase from 2015.
Further, Mordor
Intelligence says that experts project ridesharing in North America
will reach a Compound Annual Growth Rate (CAGR) of more than 17 percent between
2018 and 2023.
Ridesharing’s
growth is driving shopping center management to partner with ridesharing
companies. Working together, they promote discounted or free rides. One Plano, Texas
shopping center offered the first ride free to customers who used the code that
was posted in ads appearing throughout the property.
That
same shopping center now allows shoppers to sip
‘n’ shop. Yes, customers can now drink beer or wine while they shop.
Drinkers will wear a wristband and drinks will use a special cup. They’ll be
able to stroll almost everywhere in the shopping center. This opens another
revenue opportunity for the ridesharing and retail center partnership.
In
another instance, Simon Property Group has integrated ridesharing on its
shopping center apps and websites. Its properties have designated drop-off and
pick-up zones. This allows shoppers to simply press the button to hail a ride
from the shopping center.
Westfield
Corp. is also getting into a ridesharing partnership. They’ve partnered
with Uber and assigned drop-off and pick-up stations at its 33
retail centers. Shoppers just use the Uber app to find the stations. Westfield
also plans to add an Uber lounge at Westfield Century City in Los Angeles. The
ultra-modern design will feature seating and amenities to attract customers
while they’re waiting for their ride.
Toronto’s
busiest shopping mall, Cadillac Fairview, partners with Lyft. Like the other
retail center companies, they’ve established pick-up and drop-off spots to
create a seamless shopping and traveling experience. The Lyft app presents
special offers for customers who use the service to shop at the mall.
CF
advertises the Lyft partnership with ad buys, digital screens in the CF malls,
and on Toronto’s largest digital board. Strategy
reports that if the partnership succeeds in increasing revenues, CF plans to
roll out the program to its other locations.
Invest in Video
Surveillance for Security
Too
many stories of robberies and car break-ins at retail centers show up in the
news. These places may have security solutions, but not a comprehensive retail
security setup that can deter crime and identify suspects.
Thus, the second big way to increase revenues is with a customized security solution that can cover select parts of the property including the parking areas. Besides, some customers feel safer when they see video surveillance with visible cameras. They’re more likely to stop and shop knowing that the landlord has invested in advanced security.
Security
guards can’t be everywhere. Customers may enter where guards aren’t posted or
while they’re patrolling other parts of the complex. A well-designed security
program with retail
property remote video monitoring and voice-down communication can help
deter criminals. A proactive security solution saves on costs because it can often
reduce or eliminate damage and vandalism. This, in turn, minimizes repair costs
and liability.
Shopping
center security has come a long way from the days of security guards and basic
cameras. Retail property managers have a variety of options available to find
the right security solution. Check out these shopping
center security solutions to see what’s possible for yours.
To
learn more live video monitoring solutions for your shopping center, contact
us.
