2 Big Ways Shopping Centers Can Boost Revenues

Posted by Rick Charney on March 1, 2019

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.

Posted in: Crime Prevention, Video Security Systems, Security Guards & Savings, Video Monitoring