How to Maximize Revenue and Visits in Shopping Centers?

Analytics based on Big Data allows mall operators to maximize revenues and visits by better selecting tenants, optimizing mall design, determining rents, establishing signage and advertising campaigns, etc.

Monday, October 18, 2021

New technological tools allow mall operators to measure the number of consumers spending in and out of stores, the time they spend in and out of stores, know their relative wealth index and understand visitor behavior patterns, helping to determine the best mix of stores, site infrastructure, rent price range and implement more efficient signage and advertising.

"This image represents an analysis using location intelligence to identify the distribution of apparel stores within Lenox Square Mall in Atlanta."

What benefits does mall analytics bring?

Obtain the optimal mix of stores and categories

Revealing typical walk routes within the mall and conversion patterns between categories, allowing you to identify the performance of each store by determining whether and by how much the presence of one brand increases or decreases sales in other stores. Answering questions such as:
  • What types of stores best attract consumers who live or work in the mall's catchment area?
  • Are my anchor stores driving foot traffic and sales in my mall? 
  • Which tenants create value despite their own low sales performance?
  •  What combinations of stores or categories produce the mall's highest collective sales?

"This image represents a categorization of a point of interest and consumer preference according to different business turns."

Matching tenants to locations

Identifies the different obstacles in the sales conversion funnel, proximity rate, inbound and outbound traffic, number of conversions and reasons for failed conversions, maximizing sales and establishing lease fees depending on the location of the brand within the mall.

You may be interested in: "Walmart Vs. Soriana: Consumer Foot traffic Analysis"

Establish a price range for each lease

Through a characterization of the points of sale, tenants and their consumers are classified, studying not only sales per unit, but also occupancy costs and profits, and thereby setting prices depending on the proximity of the unit to the entrance of the mall and the brand's price positioning.

"This image represents a study conducted by PREDIK Data-Driven on the mobility and characterization of the population at a point of interest."

Tenant performance assessment

Allows data to be collected from sensor devices to identify proximity conversation rate and traffic conversion rate on defined roadways based on tenant performance.

Prioritization of billboards and digital signage

Helps develop better strategies for revenue generation by identifying the most visited stores and mall locations, allowing you to plan strategies to advertise sponsored products through defined avenues where consumers are most likely to engage.

Also read: "Location analytics can drive retailers to success: Case Study Home Depot Vs. Ace Hardware"

Develop the mall infrastructure

From information gathered from events, customer service points and social media surveys, it helps to identify the rate of footfall during different seasons to revolutionize the infrastructure and improve consumer interaction in the mall.

Data-driven insights from mall analytics provide advantages at various levels of business operations and maximize revenue.

The analytics performed by PREDIK Data-Driven provide a clear understanding to mall operators on how to increase revenue by converting the traditional mall into a hybrid mall.



More on this topic

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Footfall analytics, location intelligence, and POI analytics have revolutionized the way the retail and home improvement industries implement expansion, commercial and operational strategies.

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Big Data technological tools and spatial data play a very important role in business by measuring footfall and helping to understand consumer behavior patterns in any given area of interest or point of sale.

Footfall analytics, location intelligence and point-of-interest categorization have revolutionized the way the retail and wholesale industries implement expansion, commercial and operational strategies in the franchised warehouse clubs.

Footfall Analytics in Retail

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Footfall analytics helps to make critical operational and strategic decisions for any type of business, improving conversion rates, maximizing sales, optimizing costs and increasing brand positioning.

Thanks to mobility data, retailers can get a deeper insight into their business by analyzing changes in sales volumes and the consequences of fluctuations in footfall levels inside and outside stores. At the same time, they can measure the effectiveness of marketing campaigns, providing a clearer picture of what really works for a target audience.

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