The Week In News, But Shorter

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The Week In News, But Shorter
April 22 – 28, 2024

We regularly talk about how unique leasing models can create additional revenue streams for property owners, and this week an article in ICSC outlined exactly how Spacewise helps Regency Centers do just that. By implementing their platform, Spacewise provides a digital way to handle processes like qualifying, insurance, leasing, licensing, payments, renewals and follow-up notifications, all creating not just additional revenue streams for unused spaces, but also massive time savings for the leasing teams. This article gives a great breakdown of what this process can look like, but we have helped clients explore alternate models as well and we cam do the same for you.  #LetsChat.

AI remains a constant in the news, and this week we heard how it could impact a major luxury brand, and how JLL is utilizing the technology. The debate on checkout remained in the headlines as well with further explanation of why Just Walk Out was pulled in some locations, and why self-checkout is being pulled in others. As always, we are over on LinkedIn sharing more of the latest and our POV. Join us there!

Digital Meets Physical

Amazon defends ‘Just Walk Out’ pullback [PaymentsDive] Amazon defended its “Just Walk Out” checkout technology, using a company blog post to tout its performance in settings where customers are seeking a small number of items, such as in sports stadiums, hospitals and college campuses.

LVMH Sees The AI Challenge For Luxury Is Not Technology But The Human Element [Forbes] As the luxury market leader, LVMH has the most to gain from AI if used effectively and the most to lose if AI is deployed improperly. And given its scale, LVMH has unmatched resources to discover AI’s potential. That’s why it’s getting the best minds behind it to explore the uncharted waters of artificial intelligence.

Foot Locker debuts ‘store of the future’ [CNBC] Foot Locker has unveiled an immersive store design at New Jersey’s Willowbrook Mall that includes a “drop zone” for new sneaker releases, a hub for footwear customization, elevated product displays and a communal area for trying on shoes. Four more stores with the new format are slated to roll out this year and they will also use the concept as it remodels 900 existing locations over the next two years.

IHOP expands its virtual restaurant brands lineup [Nation’s Restaurant News] IHOP and Virtual Dining Concepts announced the expansion of their partnership to add two new VDC brands available for delivery from IHOP restaurants nationwide, while expanding an existing virtual brand. The partnership includes the introduction NASCAR Refuel Tenders & Burgers and MLB Ballpark Bites Presented by Mastercard. The latter was created in partnership with Major League Baseball, while NASCAR Refuel was first created by VDC in 2021. 

Why You Can’t Get a Restaurant Reservation [The New Yorker] How bots, mercenaries, and table scalpers have turned the restaurant reservation system inside out.

Walmart removes self-checkout from select stores [GroceryDive] Walmart is removing self-checkout kiosks at select locations in favor of associate-staffed checkout lines. The decision was based on feedback from employees and customers, shopping behavior and business needs at those particular locations. Walmart joins large retailers including Target and Dollar General in scaling back or amending its self-checkout processes. 

PropTalk

Y Combinator alum Matterport is being bought by real estate juggernaut CoStar at a 212% premium [TechCrunch] Digital twin platform Matterport has agreed to be acquired by one of its customers, CoStar, in a cash-and-stock deal of $5.50 per share that gives it an enterprise valuation of about $1.6 billion. Matterport’s tech helps companies create digital replicas of physical spaces.

How Regency Centers’ Pilot with Short-Term-Leasing Tech Provider Spacewise Works [ICSC] Spacewise CEO Chalid El Ashker wants landlords to rake in more cash from specialty leasing by letting tenants hop online to book short-term deals for pop-ups, kiosks, film shoots, digital screens and holiday events. He pointed to the booking platforms that have bolstered hotels and airlines since the mid-1990s. “Commercial real estate — and especially retail real estate — is using a tiny fraction of the potential that online channels and online marketing are offering.”

REITs Join WHP in Bid to Buy Express in Chapter 11 Sale [GlobeSt.] Express is closing more than 100 stores and expects the balance of its fashion retail portfolio to be acquired by a consortium led by WHP Global, the company disclosed in a filing for Chapter 11 bankruptcy protection. In the SEC filing, Express said it has received a non-binding letter of intent from the consortium, which includes Simon Property Group and Brookfield Properties.

JLL debuts virtual spokesperson at 13 shopping centers [ChainStoreAge] Real estate management and investment firm JLL has developed and launched a virtual shopper named Cindy. Created to be a consistent and replicable virtual spokesperson online, Cindy is being deployed for JLL Retail Property Management at 13 shopping centers across the country. An extension of the Imaginuity Pylot digital marketing platform, Cindy is designed to have multi-ethnic characteristics that customers at geographically dispersed shopping centers can find relatable.

Luxury and dining district’s set to fill empty anchor space at Westfield UTC [ChainStoreAge] A former Nordstrom site at one of URW’S top-performing sites is getting a complete makeover. Westfield UTC in San Diego has unwrapped plans to transform the former anchor’s space into a luxury shopping and dining district. Also planned in the renovation are enhanced amenities, sustainability features, community gathering places, and green spaces.

Big CRE Firms Keep Investing in Proptech Companies [GlobeSt.] Marcus & Millichap has been implementing technologies from two different vendors, as the San Fernando Valley Business Journal recently reported. In November, the brokerage announced a partnership with Archer, which makes predictive acquisitions software for multiple property types. 

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