Page 42 - March 2020

RLI RETAIL INSIGHT

Real Revolution

Gareth Jordan, Director at ART Software Group,
the technology company behind Retail Advantage
examines how to create and maintain momentum to
make positive change in retail real estate.

ever has the “real” in real estate held so much One of the most common sources of frustration for real estate
potential than today as customers tethered to managers is inefficient information, where insights are limited,
their tech devices crave the satisfaction gained inflexible or difficult to extract. Immediate access to correlations
Nfrom authentic human connection, social between data sets and site-specific analytics are essential for
experiences and physical places. investors, buyers and operators of retail and leisure destinations.
Retail has moved to change the rules that defined it for Getting the best performance from these assets requires intelligent
a century, and its role in real estate is also being reinvented. methods to not only efficiently collect, but effectively connect data.
With technology - the very thing challenging retail - it is As a provider of strategic analytics, with in excess of 15,000 users
vital to keep momentum and make the positive change to and a broad client base across the UK and Europe, we have seen
cement its future existence. many developments in the trends and quantity of data available.
Revolution demands that we get real. This does not mean For the retail industry, using transaction data and traffic data are
going back to a simpler time or doing a digital detox. The solution often the most valuable sources of customer information used to
is more complex. Ironically, it is tech and specifically social media grow sales. But data is everywhere, and the right software solution
that are partly driving the experience economy, where a product can incorporate and process new feeds from analysing tenant
is the memento of the leisure travel or food moment shared. success levels and marketing activity to weather and energy data.
Technology enriches the connection with physical stores and 2019 was the year that sustainability broke into the mainstream
often galvanises a customer’s relationship with a brand. and software holds a unique opportunity to contribute to
To navigate these uncharted waters, it is more important environmental good and compliance. Technology that helps cut
than ever to measure real activities and operations as accurately costs can reduce environmental waste too. A human-centric
as you can. If you cannot clearly understand everything from approach to technology is also gaining momentum by catering
your front lines, you cannot effectively manage retail assets. to the needs of individual users, tasks and roles. This improves
Proptech now represents positive change and new operations and efficiency and also empowers management teams.
opportunities that technologies bring to the retail revolution. Diverse, disperse retail environments operating with
It means the ability to identify and harvest relevant knowledge different metrics in different currencies, languages and time
from an ever increasing deluge of data. The realisation that zones pose barriers when trying to connect information and
businesses need more clarity about what is happening, both in effectively measure a portfolio. Technology to process data
terms of performance and potential trajectory, has hit home. and connect people can provide the solution; an invaluable
Despite awareness about the importance of data, it is still foundation to create alignment and momentum, enhancing
under-utilised in retail environments. The synergetic benefits conversations across the whole retail real estate.
of multi-use property are enabling asset value growth, but There has rightly been huge desire to deliver a connected
diversification also increases complexity when buying and customer experience, but it is equally important to expand
managing commercial real estate. The need for refined data this concept behind the scenes. By communicating and
and strategic visibility is only increasing as properties change. sharing live information to create connected stores you
engage employees and clients to get the most effective
return from strategic plans.
Retail and leisure places have the power to create and
maintain successful communities. By connecting partners
through a secure digital platform that is intuitive and easily
accessible, professionals can strengthen their own community.
The right information supports initiatives to drive performance.
Innovation requires ideas, insights and implementation. When
you believe the path to positive change is clear, individuals and
teams are more likely to contribute innovative ideas.
Based on my experience in intelligence tools and analytics, it is
important to consider that not everyone understands information
in the same way. A broad toolkit with structured role-focused
views for example, helps expand access to intelligence and lets
businesses engage with the property they are managing.
Understanding the complete picture, including detail on
shortfalls and which areas are excelling through visualisations
such as data-rich 3D environments, draws focus to what is
making a positive change. Revolutionary retailers and brands
are increasingly looking at human needs to attract customers
and the right tech solutions should also be what we find real.
We should be regularly asking the question: “What can we do
right now to make progress towards positive change?”

42 RETAIL & LEISURE INTERNATIONAL MARCH 2020