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.

Farid Mheir
farid@mheir.com