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How to Win Big in the Shopping Centers Industry

By steadfast
In June 13, 2019
Shopping Centers Industry

Shopping Malls command a vast amount of human traffic every day; people from different walks of life, jostling past each other to shop, catch fun, or even have the best of meals. Mall owners can leverage these numbers by measuring the performance and potential of hallways, entrances, and critical areas.  
People visit the mall for a different reason, and each will be hoping for an exciting experience regardless of their purpose. Their journey from when they step foot into the premises is shaped by mall managers based on their intelligence concerning behavioral triggers. As they take a critical look at each space and rent set up, they can attain optimum efficiency.
Mall managers and retail shop owners have an array of data at their disposal, which they can use to their advantage—for store profitability.

 

 

Real-time Traffic
Have a head count of people entering and exiting your mall in real time. Ensure your findings have a high degree of accuracy. Do a comparison check between the weekend traffic as against weekdays or that of the previous week or month.

Peak Periods
Discover the peak periods—that’s when you have the most traffic. That will enable you to have great control over events and marketing campaigns

Benchmarking
Know the highest performing malls as against the lowest ones. With that information at your fingertips, you can do performance analysis for benchmarking; that way, you can decide to enhance the effectiveness of the low performing malls.

Floor Performances
Have a good record of the number of people that visited which floor and at what time. Have an hourly and daily record of events. You can compare floor performances and consequently improve the customer journey experience.

Optimize Rents
Have a record of people that visited the stores within your mall to have an idea of the numbers coming in and going out. You can optimize the rent based on the available figures.

Review the Attraction
Take a critical look at the attention level and discover the areas visited most and the reason why it is so. Do a traffic analysis of interest areas –it could be the cinemas, game rooms or food courts.

How effective is your Marketing Strategies?
You can measure the effectiveness of marketing strategies as you analyze the success of your events and campaigns—even the array of media channels at different zones within the mall are not left out. Do away with the least attractive activity to enhance operational efficiency. Increase profit margins by leveraging the right demography when turning on your marketing campaign.

Digital Signage
Using your audience’s behaviors, interest, and profile, you can target the right content and campaigns via an in-store digital display. Leverage on higher customer engagement to make a decision that will profit your mall; you can optimize campaigns in the process.

It can be said that traffic data is vital in any mall management process—and to put the mall in good stead for profitability. Mall owners can make realistic projections based on available data and enhance efficiency.

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