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#ICSCEurope Creating the Right Customer Experience And Driving Value to the Shopping Centre 15 October 2014 Radisson Blu Hotel Lietuva, Vilnius, Lithuania
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#ICSCEurope
Creating the Right Customer ExperienceAnd Driving Value to the Shopping Centre
15 October 2014Radisson Blu Hotel Lietuva, Vilnius, Lithuania
ICSC Baltic States Retail Real Estate Conference #ICSCEurope
Darwin Was Right: the Evolution of Shopping Centre Exeprience
Creating the ideal tenant mix to maximise rental an capitol values
Understanding shopper behaviour through data
John GodfreyDirector of Sales, Path Intelligence
Darwin was right
Path Intelligence 2014
The Evolution of Shopping Centre Experience
The Shopper has changed
The Retailer is changing
The Owner must change
The Shopper has changed
FOLLOW THE MONEY
Independent Amazon and PayPal account holder (WGSH),seeking fun experiences
How do those that pay your bill, pay theirs?
One visits the men’s fashion department, three more concessions, spends 45m in the food court, visits two more concessions, and leaves three hours later.
Dwell 182m.
Four friends with a day to spend.
Dwell 261m
One looks at a tablet, leaves immediately & buys online.
Dwell 16m.
Three meet in a restaurant and leave without shopping.
Dwell 27m.
Two come back later and visit four fashion concessions before spending 30m in a coffee (book) shop.
Dwell 78m.
The Retailer is changing
…has spent more than a million dollars… to accommodate Alex and Ani'spractical and aesthetic specifications.
The investment has paid off. "People who have never been to our stores are coming in because we carry this brand," says John Anderson, the Paper Store's vice president.
And the Alex and Ani customer is a nice customer. A special customer…”
…has spent more than a million dollars… to accommodate Alex and Ani'spractical and aesthetic specifications.
The investment has paid off. "People who have never been to our stores are coming in because we carry this brand," says John Anderson, the Paper Store's vice president.
And the Alex and Ani customer is a nice customer. A special customer…”
Audience > transaction
The Owner must change
precisionleasing
strategicmarketing
enhancedoperations
RETAIL REAL ESTATE IS DARWINIAN
optimal mix & compelling experience
Competition forfixed resource
Cycle of growthor cycle of decline
Predator or prey?
Merchants serving merchants
Whatever it takes
In a low information environment…how do you avoid getting killed?
IMAGINE SEEING THE PATTERNS INSIDE…
every part of every centre
every F&B every venue
every event
AVERAGE DWELL TIME (MINUTES)
YOUR CE
NTER
96
ICSC
PAT
H BEN
CHMAR
K
89
KNOW YOUR TENANT PERFORMANCE
CROSS SHOP
DENSITY
DISTRIBUTION
MARKETING
BrandX
IF YOU KNEW THEIR OVERALL VALUE
Tenant Ranking VALUE score
Forever 21 1 15Victoria’s Secret 2 34BRAND X 3 43Coach 4 48H&M 5 49Starbucks 6 69Nike 7 77McDonalds 8 79
J. Crew 9 82Burberry 10 87
TOP 10 RETAILERS RANKING BOTTOM 10 RETAILERS RANKINGTenant Ranking VALUE
scoreSalon 103 380Esprit 102 376Prestige Nails 101 373Confectioner 100 372Remix Shoes 99 371Fast Fix Jewellery 98 367Mastercuts 97 365Shoe Shop 96 358Opticians 95 353Curl Up & Dye 94 345
TOTAL TRAFFIC
CROSS SHOPPING
TOTAL SALES
TOTAL RENT VALUE=+ + +
LOW TRAFFICHIGH SYNERGY
LOW TRAFFICLOW SYNERGY
HIGH TRAFFICLOW SYNERGY
HIGH TRAFFICHIGH SYNERGY
LOW SYNERGY
HIGH SYNERGY
LOWTRAFFIC
HIGHTRAFFIC
WHITE HOUSEBLACK MARKET
SUNGLASS HUT
CURL UP & DYE
PRETTYTHINGS
BAD BOY BAGELS
J LABBY SHOES
TOKYO HARRY
$1 OPTOMETRY
WAG TANNING
VICTORIA’SSECRET
OLD NAVY
FOREVER 21
H&M
COACH
GAP
AMERICAN EAGLE
AMERCROMBIE & FITCH
BANANA REPUBLIC
SEPHORA
POLO RALPH LAUREN
UNDER ARMOUR
J. CREWBURBERRY
JUICY COUTURE
APPLE
ENHANCETENANT MIX
DRIVETENANT SALES
IMPROVEOCCUPANCY
OPTIMIZEBRAND LAYOUT
LIFECYCLE SUPPORT
trodden pathspass–by / peel–offpre/post dwellbounce rates
behaviour segments
vacant unit analysispredict performancewhat if? analysisbrand attraction
operationsdevelopment
correlate:zones, anchors,
transport, entrances leisure, F&B, adverts, time of day, time of
year
optimal mix & experience write better deals
UNDERSTANDING BEHAVIOURS DELIVERS BETTER DEALS
1. Know what you want to know2. Use what you have & gather what’s easy3. When you are ready ‐ decision science
+70% +65% +60%
WHAT HAPPENS WHEN YOU DO?RTL +30%
OPERATIONAL PERFORMANCE
#1 value driver after the market
Precision Leasing | Strategic Marketing | Enhanced Operations
#ICSCEurope
Creating the Right Customer ExperienceAnd Driving Value to the Shopping Centre
15 October 2014Radisson Blu Hotel Lietuva, Vilnius, Lithuania
