The retail landscape has been evolving rapidly and under particular pressure to remain relevant are shopping centres, with landlords continuosly seeking innovative ways to meet today’s challenges so that they can adapt and thrive. The current economy has meant that turnover based rents have risen to the forefront of our attention with the said tenancy arrangement allowing both tenants and landlords to benefit from the arrangement. The tenants’ rent is based on an agreed percentage of their turnover, so affording tenants a little more flexibility when trade is slower and during peak times, both the tenant and landlord benefit. This is one of the key benefits of such an arrangement but we also look at some of the range of additional positives here. The question is, what is the most efficient and accurate way to obtain the all important turnover data on which to base this calculation? In this context, a sophisticated Tenant Management System (TMS) becomes pivotal in managing the agreement.
Specialised technology powering your real estate
An automated technology system and the correct infrastructure are essential for collecting and collating sales data from your tenants so data is collected and collated with efficiency, accuracy and security in mind. The figures must not be tampered with and should be trasnferred securely to your central system so that you have availibility of real-time insights into how various locations in your shopping centre are performing (we’ll touch on this later). This kind of system will ensure that you are able to perform the relevant calculations based on your tenancy agreements and invoice accordingly.
In the fast-paced retail world, the ability to gather and analyse data effectively can allow you to operate successfully and set a shopping centre apart. A Tenant Management System (TMS) from Eurostop automates the collection and analysis of sales data from tenants.
Leveraging Data for Strategic Insights
This functionality is crucial for understanding consumer preferences and purchasing behaviors. By providing detailed insights through advanced reporting capabilities, including performance analytics and mobile reporting, such a system empowers shopping centre landlords with the intelligence to make informed decisions and strategically tailor their offerings.
For example, knowing who your top performing tenants are and also those that are facing more challenges allows you to react and manage your shopping centre in direct response. The right insights will allow you to analyse which type of retailers are generating the most footfall and sales and also how floor and location may be affecting trade. This way you can organise your real estate to generate the best outcome, which will of course be mutually beneficaly to you and your tenants under this agreement. A footwear retailer may be best located in a certain area, while a popular department store may be placed strategically in another.
Furthermore, having an automated system affords you retail time insights so that you can also react to any seasonal or special promotions in your centre.
Revolutionising Marketing with Digital Integration
The decline in effectiveness of traditional marketing channels necessitates a shift towards more dynamic, digital-centric strategies. A robust TMS plays a crucial role here. By utilising the rich data it gathers, shopping centres can develop targeted marketing campaigns that resonate with contemporary consumers. This approach ensures that marketing efforts are not only seen but also engage the audience meaningfully, thereby increasing the potential for higher foot traffic and sales.
Personalising the Shopping Experience
Modern consumers seek personalised shopping experiences. A TMS enhances this aspect by providing insights into customer preferences, enabling shopping centres to offer custom-tailored experiences.
‘Best laid plans’…although often carefully planned in advance, promotions may be affected from anything from the weather to world events, so being able to see how your promotions are acutally performing in real time will allow you to adjust accordinly, generating the best return on investment. From reactive digital loyalty programs to promotions that cater to real life preferences, the system enables a level of customisation that significantly enhances the consumer experience. This level of personalisation is not just a luxury but a necessity in today’s retail environment to maintain relevance and customer loyalty.
Technological Innovations for Modern Retail
A TMS needs to be technologically advanced yet user-friendly. Features such as cable-free architecture and cloud-based hosting simplify implementation and maintenance, making it an attractive proposition for shopping centres. Additionally, robust data security measures like SSL encryption and strict user permissions ensure that customer and business data remain secure, a critical concern in today’s digital age.
In conclusion, the integration of a sophisticated TMS like Eurostop’s e-mall is more than just a technological upgrade; it’s a strategic move towards reshaping the future of retail in shopping centres. By harnessing the power of data, personalising the customer experience, and embracing digital marketing, shopping centres can not only overcome the challenges of the modern retail landscape but also set new standards in consumer engagement.
For more information on how a Tenant Management System can transform your retail space, contact us for a detailed demonstration.
