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In today’s session, “Data-Driven Decision Making in Retail: The Power of Analytics”, commercial real estate experts discussed how industry leaders are leveraging data to support assets and retail tenants in an increasingly complex landscape. Here are few highlights:
Demographic Outlook: While few shopping centres are currently being built, Canada is experiencing unprecedented population growth due to diverse immigration and is expected to continue for years to come. The long-term domination by Boomers is waning with the wealth transfer from this group to younger demographics, creating new opportunities for growth and strong sales.
The intersection of data and retail is essential to remain competitive, drive traffic, sales and attracting the best tenants to maximize value and ROI. Analyzing multiple data sets is key to identify patterns, make predictions and determine decisions.
Four categories for data-driven insights:
1. Descriptive – What is happening now?
2. Diagnostic – Why are we over/under performing?
3. Predictions – What action should be taken?
4. Prescriptive – What is the ideal balance and mix?
Consider the retail radius. It’s essential to make decisions related to the asset based on data and forecasts over the next 10 years. Curate retail technology partnerships and trends and develop an asset strategy that accounts for primary and secondary customer visits and behaviours.
Mobile movement data is crucial for understanding consumer origins and provides rich insights to inform market share, guide tenant mix, along with consumer needs and shopping habits. Soft aspects of data (mindset, aspirations, lifestyle) and personalized messaging can help build relationships and sales.
Thanks to everyone who joined us and a shout out to moderator Robert Horst, Oxford Properties Group, and panelists Marco Biasiotto, Primaris REIT, Stan Ivankovic, Environics Analytics and Bri-Ann Stuart, Colliers Canada for taking the time to share such valuable insights.