20 Jan How mall owners can boost revenues through advanced analytics via @McKinsey #bigData #advancedAnalytics
That said, a handful of forward-thinking malls are leading the way in advanced analytics. They’re using prescriptive and predictive analytics—built into user-friendly tools with strong data-visualization capabilities—to make smarter business decisions. In this article, we home in on how malls are using advanced analytics in an especially critical part of their business: revenue management. They’re determining the best mix of stores, understanding and planning store adjacencies that drive higher consumer spending and longer mall visits, and engaging in more-informed rent negotiations with tenants. It’s paying off: malls using these tools have increased their leasing revenues by double-digit percentages.
Sourced through Scoop.it from: www.mckinsey.com
WHY IT MATTERS: mall owners can leverage digital technologies to improve their revenues. The analysis proposed here appears straightforward and should be considered by any mall owner. I also feel it may be used by other large rental property owners such as large retail store chains or even cities that suffer from loss of physical retail revenues.