The Week In News, But Shorter

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The Week In News, But Shorter
May 12 – 19, 2024

Greetings from Las Vegas where David moderated a panel at ICSC on practical uses of AI.  During the session, panelists Lucia Connor (Oxford), Lee Jackson (JLL), and Donald N. Noland, Jr. (Cushman & Wakefield), discussed uses ranging from predictive analytics for property valuation to AI-driven tenant profiling for optimal leasing strategies. AI technologies are revolutionizing decision-making processes and enhancing operational efficiency across commercial real estate whether you’re a developer, investor, or property manager.  Property teams across the world are now leveraging AI to navigate market trends, mitigate risks, and unlock new levels of productiveness and competency. If you’re here in person we hope you caught the conversation, but if not, please let us know your POV on this topic over on our LinkedIn, or send us a note if you’d like to meet up and Chat!

This week drone news was back in the headlines, as was the future of the food court. If you aren’t in Vegas for ICSC, you might be at the other industry show focussed on food and beverage happening this week in Chicago.  This retailer sector is poised to continue to lean into technology.  Any hot topics we missed? Send them our way for inclusion in next week’s newsletter.

Digital Meets Physical

Technology trends we’ll be on the lookout for at the National Restaurant Association Show [Nation’s Restaurant News] With every passing year, technology comprises a larger proportion of the vendors and displays at the National Restaurant Association Show. The 2024 show will be no exception: with the rise of generative AI and data-driven front- and-back-of-house solutions, technology fuels almost every decision that an operator makes.

All the Ways Zappos.com Leverages AI — And How the E-tailer Determines When to Get Humans Involved [FootwearNews] Zappos is no stranger to the world of AI and innovation to aid its customer engagement. In 2019, the Amazon-owned footwear and clothing company was a trailblazer with its self-taught AI algorithm that helped rebuild its search engine, increased customer personalization and picked up trending keywords.

Walmart’s Reign as America’s Biggest Retailer Is Under Threat [The Wall Street Journal] Its reign is looking shaky lately. If current sales trends persist, Amazon is likely to overtake Walmart soon. Amazon reported $575 billion in total revenue last year, up 12% from the previous year, compared with Walmart’s revenue growth of 6%.

Tech is a golden opportunity for small retailers. Just ask Family Express. [C-Store Dive] “Looking back at how hard it was to get into technology three decades ago [and] looking at where we are today, it’s a lot easier for the small owner-operator to get started,” Clifton Dillman, chief information officer for Family Express, said during Invenco’s 2024 Retail Technology Conference on May 7.

Online shopping takes excessive effort for many customers, study finds [CX Dive] Digital shoppers feel overwhelmed by options. Despite an increased emphasis on personalized experiences in recent years, 7 in 10 customers feel either no improvement or an increase in the time and effort required to make a purchase decision.

Walmart Drone Dream Has Been Cleared For Take Off In Dallas [Forbes] Walmart’s drone delivery service is taking flight at a greater number of stores as the world’s biggest retailer aims to rule not just retail but the skies as well. The Arkansas-based company said that it is now offering its drone delivery service for up to 75% of the Dallas-Fort Worth (DFW), Texas population and, the company said at the start of the year, is “building on our momentum with the largest drone delivery footprint of any U.S. retailer.”

PropTalk

Tanger Outlets Court the Digital, Aspirational Shopper [PYMNTS] On the digital side, Tanger continues to expand its loyalty program, which was refreshed last August. The TangerClub app was retooled to offer what Stein said is a more intuitive and tailored shopping experience, providing users with personalized digital offers based on their interests and location.

Macy’s and J.C. Penney have two very different real estate strategies [RetailDive] In an era when the department store model is under siege, two examples in the U.S. — Macy’s and J.C. Penney — are pursuing very different brick-and-mortar strategies. Their differences are real when it comes to plans for the size, number and location of their stores. Analysts peg the reasons for those differences on their current — and potential — ownership.

The Food Court Is Back [Bloomberg] After a long day at the mall, the aroma of a buttery pretzel has always been hard to resist. Now it’s getting harder. Across the US, restaurants are taking over more floor space in malls as in-store shopping declines and consumers seek experiences rather than goods.

Wayfair to open its first large store, as physical locations make a comeback [CNBC] Wayfair is opening its first large-format store because the physical experience can be better for customers than shopping online. The online home goods retailer follows a string of other digitally native companies that have opened stores, including Warby Parker, Figs, Glossier and Everlane.

Retailers and developers must be ‘all in’ on brick-and-mortar success [Chain Store Age] Cultivating today’s most successful open-air retail environments – those destinations that generate high traffic, engage consumers, and encourage longer shopping visits – takes an “all in” approach from retail space users, leasing and management specialists, and landlords. And working together we are making great things happen.

Kohl’s new brand partnerships with Babies R Us and Instacart feel like déjà vu [ModernRetail] Over the last few years, embattled department store chain Kohl’s has launched a slew of unlikely partnerships to spark growth at its roughly 1,100 retail locations across the U.S. 

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