clear view: using dashboards to shed light on your retail space

CLEAR VIEW USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL VENUES

CLEAR VIEW USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL VENUES

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CLEAR VIEW - USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL SPACE

OWNERS AND MANAGEMENT TEAMS AT SHOPPING VENUES NEED REAL-TIME INSIGHTS ON DEMAND.


WITH DATA THEY CAN IDENTIFY TRENDS AND PATTERNS AROUND VISITOR FOOTFALL AND SPEND.

BETTER INSIGHT ENABLES TEAMS TO:

Establish performance benchmarks between

or within venues

Increase profitability by making informed business decisions

Introduce new initiatives for tenants and their

end-customers

Improve service and maintenance based upon real-time data


TO SEE DATA IN ACTION, LET’S PAY A VISIT TO SMITH’S MALL.


SMITH’S MALL

WHEN SMITH’S MALL OPENED IN THE MID 1980S, IT WAS A STATE OF THE ART SHOPPING VENUE.


SMITH’S MALL

IN THE 80’S SMITH’S HAD IT ALL:

The best stores The best restaurants (well, two)

The best parking in town

It even had fountains running down Midsummer Boulevard.


IT WAS THE GO-TO SHOPPING VENUE FOR MILES AROUND.


New, more attractive shopping venues arrived and started taking business away.

Then online shopping came into town.

BUT OVER THE YEARS SMITH’S BEGAN TO LOSE IT’S ALLURE.


They had no clear picture around what was going on.


MANAGEMENT AT SMITH’S MALL AND BACK

AT HQ DIDN’T KNOW WHICH WAY TO TURN.


They had no clear picture around what was going on.

MANAGEMENT AT SMITH’S MALL AND BACK

AT HQ DIDN’T KNOW WHICH WAY TO TURN.

THEY WERE OPERATING

IN THE DARK.

IT WAS NO GREAT SURPRISE WHEN SMITH’S MALL OWNERS STARTED DRAWING UP PLANS TO SELL THE SITE FOR REDEVELOPMENT.But first, a last attempt to salvage the situation was put in place.

Retail property consultant, John Taylor was drafted in. FOR

SALE?


SMITH’S MALL

With a strong background in analytics, Taylor was alarmed to find a management team with very little in the way of business intelligence.

To address the situation, he brought in new software to capture data from around the site.


HE KNEW THE PLATFORM WOULD HELP SMITH’S TO GAIN A BETTER UNDERSTANDING OF...

VENUE OVERVIEW SALES

Year on year sales for each month.


NOV0

185,000

370,000

560,000

740,000

930,000

1,115,000

DEC

SALE

S

JAN FEB MAR

20162015

SALES VERSUS RENT

Showing the extent to which rental income rises and falls in comparison to turnover.


NOV

69,583

0

381,739

693,895

1,006,051

1,318,207

1,630,363

1,942,519

DEC

VALU

E

JAN FEB MAR

SALESRENT

FOOTFALL ANALYSIS

To create a more detailed back story to overall sales.


NOV2.00

2.75

3.5

4.25

5.00

5.75

6.5 TARGET FOOTALLACTUAL FOOTALL

DEC

VALU

E

JAN FEB MAR

VENUE SALES VERSUS TARGET

Showing how actual sales exceeded or underperformed each month.


NOV

600,000

950,000

1,300,000

1,700,000

2,000,000

TARGET SALESACTUAL SALES

DEC

VALU

E

JAN FEB MAR

2,400,000

250,000

TENANT SALES VERSUS TARGET

Drilling down to the detail to compare the performance of comparable tenants.


45,000

47,500

50,000

52,500

55000

ACTUAL SALESTARGET SALES

SALE

S57,500

42,500 DOROTHY PERKINS

NEXT FOR WOMEN

PRIMARK

Three months later the picture is much clearer.THE CURRENT VIEWCLEAR VIEW - USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL SPACE

Real-time data around the tenants - which sector they work in and the details of the rent and sales for each business - has changed the game.

Taylor can now see which businesses achieve the best revenue, draw the biggest crowds, and pay the most rent.

THE CURRENT VIEWCLEAR VIEW - USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL SPACE

He can see how many customers are visiting each unit and how much per head they are spending.

From industry research, he can also assess whether these figures are comparable with other shopping venues in the same market space.


Footfall rates across the venue indicate that Smith’s Mall is attracting 30% less traffic than would be expected for its location, population density, and demographic makeup.

30%LESS


The data indicates existing anchor tenants are underperforming and not driving footfall to the venue.

The main impact for Taylor and his team is that tenants are not renewing their leases.

CLOSED

THE MESSAGE IS CLEAR:


Taylor needs more customers through the door.

SMITH’S MALL


AS A QUICK FIX HE INTRODUCES POP-UP STANDS FOR LOCALLY BASED COFFEE AND STREET FOOD VENDORS. THIS PROVES TO BE A REAL HIT.


HE ALSO SETS IN MOTION A PROJECT TO CLEAN, RE-DECORATE AND REDESIGN THE VENUE.Longer term he believes more branded food and beverage outlets will be the key to bringing customers to Smith’s, encouraging them to stay longer (and spend more).

SMITH’S MALL

After a series of consultations with tenants he agrees a rolling schedule of events, sales and one-off promotions. As a result, customers now look forward to something new on offer at Smith’s each week.

Importantly, the Smith’s Mall team have the analytics

to measure ROI on every initiative that is put in place.


LAST BUT NOT LEAST, THERE IS THE BRAND...


Smith’s Mall took its name from family tradition. Fine in 1986, perhaps, but not in 2016.

Through a competition among local schoolchildren and online customer feedback forms, Taylor develops a bright new logo and a new name.

It’s partly inspired by the data analysis that was the foundation for Smith’s rebrand:

Future


THE BRIGHT FUTURE SHOPPING EXPERIENCE. John Taylor is now CEO of Bright Future. Currently he’s in discussions with new investors and the local authority to expand the venue into a leisure, outlet and shopping destination.

Future


HIS VISION IS FOR BRIGHT FUTURE TO OUTSHINE EVERY COMPETING VENUE WITHIN 100 MILES.

WE ARE SURE HE’LL DO WELL.

Future

FOURS LESSONS FOR YOUR OWN BRIGHT FUTURE:1. Shopping venues are constantly changing. The fact that they were

once successful is no indication they will thrive in the future.

2. Detailed measurement and analysis of customer and tenant behavior is vital to understanding which venues are performing well and which are underachieving.

3. Data analytics - measuring areas such as footfall, sales versus rent, sales versus target, tenant sales versus target - will give you an evidence base for future improvement.

4. Continuous monitoring on a weekly, monthly, quarterly and annual basis leads to better awareness of changing patterns of customer behaviour and preference.


IN TODAY’S COMPETITIVE MARKET, RETAIL PROPERTY INVESTORS MUST WORK IN CLOSE

PARTNERSHIP WITH THEIR TENANTS. See why. Download: Future Collaboration: the

new imperative for retail property investors

DOWNLOAD


http://info.qubeglobal.com/future-collaboration-new-imperative-retail-property-investors

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clear view: using dashboards to shed light on your retail space

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