Why is Retail Sales Information so important for Mall Managers?
Mark Ruffley
CEO of AMRC Limited - Retail and Mixed Use Asset Management, Leasing and Development expert
The ongoing saga of trying to get accurate monthly sales data out of retailers seems to have been around for decades.
Some retailers don’t like to disclose their sales information whilst shopping mall owners and managers need this data to make decisions based on customer preferences and retailer performance.
Here’s the bottom-line from a leasing and asset management point of view – It’s all about market penetration. Without sales data, mall management are operating blind. This data should inform a comprehensive leasing strategy that aims at extracting the maximum amount of money from a malls’ primary shopper base. Sales information tells us who is flying and who is not. It allows mall management and leasing teams to anticipate problems and potential failures and to know what customers like, from a store selection point of view.
Think of a mall like a giant department store. As the store manager you would know exactly what sells and what doesn’t within your department store right? Adjusting what’s on offer keeps the store fresh, reacts to trends and meets the ever-changing needs of its customers. Well, a mall is the same … In mall terms these changes to the tenant mix is called ‘churn’ and professional mall managers should be asking their leasing team for new, fresh tenants all the time.
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Many leasing teams go straight to the ‘big guns’ like AlShaya, Landmark or Azadea and try and fill their malls with as many stores from these retail groups as possible. This is a mistake. Of course, these retail giants have wonderful brands, but if no thought goes into the tenant mix, many malls become ‘cookie cutters’ and end up being boring for our customers.
At Mall Advisory Services we work with our clients' existing leasing teams to devise a full leasing strategy that will attract the maximum spending potential from consumers. This drives spend and footfalls.
Happy Retailers - Happy Shoppers - Happy Owners.
You can learn more about our services by going to – www.malladvisoryservices.com or contact us on [email protected]
Director of Data | Transforming Business Operations with Big Data Analytics & AI | Expert in Building Robust Global BI/AI Systems
1 年This is great - does granularity of sales matter? Do we (malls) care about what the tenant is selling?
We offer solutions that make our malls and office properties work better
1 年Hi Mark Ruffley A reliable day-and-date revenue assurance system helps a lot in understanding retailer performance in malls … I installed such a system at Mantri Square and in other malls in India since 2007. J
Operations, Marketing and Events specialist
1 年The Mall also needs to do its homework (Market Research) in the first instance to understand its existing and potential demographics. Once it as such data it then needs to fully evaluate each section (not just tick a box) of its demographics and match it against the retail offering. The job then is not over they must continually monitor the changing needs and demands (demographic change is constant in the GCC).? If evaluated correctly the tenant mix can be altered accordingly. The information then supported with in Mall directional footfall further gives a greater understanding of the Mall visitor.? This becomes more valuable when you do have the individual sales data enabling a long term overview of retailer and mall performance. However, the relationship between the 2 parties should be a real partnership - with equal sharing of data. The Mall must bring the horse to the water but they must be the right horses to enable the retailers to provide tbe correct drink and get the sales.? Days of 'build em and they will come', impulae purchasing, even primary purchasing needs an even greater understanding of the customers thoughts, processes and drivers. Finally there are Lies, Damn Lies and Statistics.