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The Wall Street Journal this week reported on owners of “Zombie Malls” who hang on to what some might consider dead/dying malls. While there is certainly some warranted controversy about this practice (or least with regards to the owners mentioned), we think it does illuminate an important reminder – how valuable these properties are. While it may be hard to fathom if/when things start to shift or transition at a property (a trend that a report from Marketplace acknowledged), the truth is that the value is undeniable. Instead of letting your property become a “zombie mall”, be sure to evolve and transition with the times and there is plenty of opportunity to remain not only valuable, but relevant.
This week we also enjoyed an article about how data can help malls, found an interesting data point about older shoppers enjoying in-store shopping (wasn’t it just a few weeks ago when it was younger shoppers? Must be everyone!), and read about a change in direction for a ghost kitchen pioneer.
And as a reminder, tomorrow Kyle is joining a panel focused on AI at NextGen Commerce: A Coresight Research AI Conference (12/5), and then moderating an AI panel at ICSC NY (12/7). If you plan to attend either, we hope you’ll check out the sessions or drop us a line on LinkedIn to meet up.
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Singapore-based Climate Alpha analyzes the impact of climate change on real estate [TechCrunch] Founded by an expert on geography and globalization, Climate Alpha’s AI-based platform helps real estate owners and investors analyze the impact of climate change on their portfolios The platform uses Geographic Information System (GIS) data and economic modeling to help real estate owners understand the impact climate change will have on their property.
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Simon’s Shop Premium Outlets platform adds AI-driven digital shopping features [Chain Store Age] An e-commerce platform jointly operated by Simon and Rue Gilt Groupe is offering four new artificial intelligence (AI)-based customer experiences. Shop Premium Outlets, co-launched by premium mall operator Simon and online shopping site Rue Gilt Groupe in 2019, is releasing the in-house-developed AI-driven digital shopping features in time for the holiday rush.
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Solving the Shopping Mall ‘Identity Crisis’ with Community Data and Careful Curation [Retail TouchPoints] To create a high-value experience that hits all consumer wants and needs, developers, landlords and tenants all need to: Understand the unique consumer needs and behaviors within the mall’s geographic area; Integrate the right combination of retail, services and experiences; and; Enrich the omnichannel tech stack.
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Micro & Last Mile Fulfillment
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The Biggest Delivery Business in the U.S. Is No Longer UPS or FedEx [The Wall Street Journal] Amazon.com has grabbed the crown of biggest delivery business in the U.S., surpassing both UPS and FedEx in parcel volumes. They delivered more packages to U.S. homes in 2022 than UPS, after eclipsing FedEx in 2020, and it is on track to widen the gap this year, according to internal Amazon data and people familiar with the matter.
Best Buy to offer deliveries via DoorDash [RetailDive] Joining a list of retailers offering delivery through its marketplace, Best Buy has enlisted DoorDash to deliver consumer electronics from all of its retail stores nationwide. With the service, shoppers can have electronics, including computers, gaming controllers, headphones, TVs and other products, delivered to their door within about an hour.
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Amazon is using AI to deliver packages faster than ever this holiday season [CBS News] Amazon is boasting its quickest delivery time yet, saying that packages are being prepared for dispatch within 11 minutes of an order placement at same-day facilities. That pace is an hour faster than next-day or two-day centers.”It’s like our Super Bowl, we practice for it for months in advance,” Scot Hamilton, Amazon’s vice president of Planning and Routing Technology, said about Thanksgiving weekend.
How Consumers Are Driving Amazon, Walmart and Target to Ship Faster [The Wall Street Journal] Amazon, Walmart and Target are investing big in processes to cut down delivery time and that’s largely being driven by customer expectations. Here’s what the abundance of fast-shipping options means for consumers.
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Restaurants & Ghost Kitchens
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Without Better Tech, Restaurants Could Lose Digital-Savvy Diners, Says Curbit CEO [PYMNTS] As restaurants become increasingly digital, the industry is facing the same challenges that some of the world’s largest businesses faced when they first became reliant on technology. One key challenge is the need to unify disparate solutions, and Curbit which specializes in dynamic order throttling tools using AI is targeting this opportunity.
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Kitchen United will sell or close all physical units, pivot to software [RestaurantDive] Kitchen United will sell or close all of its physical locations. The ghost kitchen pioneer has already shuttered all eight of its Kroger locations, which made up 44% of its 18-unit footprint. Going forward, the company will focus on its proprietary software, which it described as “another core strength of the business.”
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Owners Keep Zombie Malls Alive Even When Towns Want to Pull the Plug [The Wall Street Journal] There are hundreds of zombie malls throughout the U.S. like the Berkshire Mall, more dead than alive. The older, low-end ones have lost at least half and, in some cases, more than 70% of their value since the industry’s peak in late 2016, according to real-estate research firm Green Street.
Empty Bed Bath & Beyond stores are hot real estate. Here’s who’s moving in [CNN Business] When Sears, Toys “R” Us and Circuit City filed for bankruptcy in recent years, it was an opportunity for other retailers to move into their old storefronts. Now, retailers are pouncing on empty Bed Bath & Beyond stores.
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Malls aren’t dead. They’re in transition. [Marketplace] For years now, people have been talking about the death of malls. But many have been doing well — even better than they were pre-pandemic. The ones that are finding renewed success are often going back to the reasons why malls were invented in the first place.
Survey: Consumers — especially older ones — still value in-store shopping [Chain Store Age] Sixty-five percent of consumers said the in-store experience is an essential part of retail shopping, according to a new survey from financial services firm Synchrony. The study also noted the trend of older shoppers returning to physical stores: 74% of shoppers aged 65-plus and 71% of shoppers aged 55 to 64 purchased products in-store, compared with 66% and 67%, respectively, in 2021. In-store purchases for the 18-to-44 and 45-to-54 age groups remained relatively constant over the past two years.
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