I have been working in the retail industry for six years, which has given me an opportunity to speak to hundreds of executives and shopping centre managers. During this time, I have learned a lot, including gaining a clear understanding of what is preventing the business success of one of the most iconic places in the world – the shopping centre.
If you pick up the Harvard Business Review, Shopping Center Today, or other publications, a reason often cited for the expected demise of shopping centres is the lack of desire to change. Frankly, I think this is an excuse. Every executive I know wants to personally ensure the success of their company.
It’s also not a lack of ideas. In the past 12 months, forced by the pandemic, shopping centre professionals have responded with speed and openness to the challenges they have faced due to the changes in consumer behavior, such as an increase in online shopping and curbside services. Executives have looked everywhere for inspiration, including other countries, and industries.
It’s also not about the lack of technology to bring these ideas to life, it’s quite the opposite. The millions of dollars invested in PropTech has resulted in new start-ups and new technologies solving some pretty serious issues, such as customer data protection.
Here comes the controversy – shopping centres have been mis-sold. Well intentioned software companies have tried to help their clients address today’s challenges without taking into consideration the bigger picture.
As a result, many shopping centres, and their property owners, have a hodgepodge of desperate technologies that have failed them at the worst possible time – during lockdown. When communicating to customers was required many marketers were simply unable to; nearly a year later, they now realise that a more comprehensive and meaningful way to engage customers is required.
For some time, I heard about a company that was doing exciting things with technology, but with a vision to radically redesign the future of shopping centre operations so it’s focused solely on the customers. This is not a radical idea, nor is it a mythical one.
Unifying technologies (e.g.customer relationship management, customer experience, customer loyalty and customer analytics) is a required first step in this transformational journey for shopping centres. Yet most struggle because they are looking at the short-term, specific tools, or business processes and have lost sight of what matters most – understanding how to create loyal customers.
Coniq provides more than just technology – and a team of experts. They have a vision of where the industry is headed and how to get there: shopping centres must become platform companies to survive. That’s why I joined Coniq.
