PropTech Newsletter: The Week In News, But Shorter

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The Week In News, But Shorter
July 29 – August 4, 2024

It’s not rocket science to understand that, regardless of the asset class, the property owner who best meets the wants and needs of their tenants will ultimately achieve the greatest success. With this in mind, the Commercial Observer this week discussed the desire of luxury property renters for integrated tech innovations. While the article primarily focuses on residential renters, we believe that the same desires are present across all asset classes. Whether it’s the ability to control your space from anywhere, the need to be more sustainable, or simply the desire for the latest and greatest, infused technology brings undeniable value to both tenants and property owners. There are numerous ways this can be implemented in a property, and we’d love to help you evaluate, scope, and implement what best suits your unique needs. Let’s chat!

If you are looking for more information like this between each newsletter delivery, then LinkedIn is still the best place to keep up with us – give us a follow!

Digital Meets Physical

A major change is coming to Taco Bell drive-thrus [CNN Business] Taco Bell is set to expand the use of AI voice technology in its drive-thrus to hundreds of US locations. The move means that when users pull up to place their order at a Taco Bell, there’s a good chance they will be talking to a computer, rather than a human employee.

Amazon’s checkout technology is getting an AI upgrade [GroceryDive] Instead of gathering input piece-by-piece from its cameras, shelf sensors, 3-D store model and product data — a process that resulted in lengthy processing times — the new AI model analyzes all inputs at the same time to determine exactly what shoppers are picking up, putting down and ultimately walking out with.

Amazon Pushes Fast Delivery Into Rural Areas in Challenge to Post Office [The Wall Street Journal] The retail giant is expanding its one- to two-day delivery capabilities throughout the country as it seeks to boost sales in less-populated regions. Amazon is ready to tackle rural regions after years of fine-tuning its logistics systems in more dense areas of the country.

55% of Gen Z have made an online purchase while browsing social media [RetailDive] Indicating the importance of social commerce, more than half (55%) of Gen Z shoppers have bought items online while browsing social media in the last six months, a survey of 2,233 U.S. adults found. By contrast, only 38% of shoppers overall did the same. 

Drone Companies Clear FAA Hurdle to Operate in Shared Airspace [Bloomberg] Dallas area residents will get to experience a milestone in drone delivery next month when companies including Alphabet Inc.’s Wing Aviation navigate the same airspace to carry small packages straight to people’s homes.

PropTalk

Proptech in the Luxury Residential Market Is All About Access [Commercial Observer] For those who can afford luxury residences in places like Manhattan and South Florida, more is never enough, especially when it comes to tech innovations to enhance their renting, buying and living experiences. Technology-infused luxury brokerages and other real estate service companies are finding the current high-end housing market as hot as the latest summer heat dome.

In-store experience wins out as customers want to see and touch purchases: report [RetailDive] Consumers still value in-store experiences even as AI-powered improvements elevate online shopping experiences.More than two-thirds of customers want expert advice when purchasing high-value items, while one-third want the personal in-store service online shopping can’t match. Another 3 in 5 consumers want to see and touch items before buying them.

Exclusive: Blackstone in bid to acquire shopping center owner Retail Opportunity, sources say [Reuters] Private equity firm Blackstone  is in early-stage talks to acquire Retail Opportunity Investments Corp (ROIC), which owns U.S. shopping centers and has a market value of close to $2 billion, according to people familiar with the matter.

High-end shopping centre M8 set to open in downtown Macau [Inside Retail] Macau’s new M8 shopping centre is scheduled to open downtown in September, targeting the mid-to-high-end market. The 80,000sqft mall features six shopping floors and its anchor tenant will be DFS, which will offer a curated selection of more than 120 local and international brands in watches, beauty products, food, and gifts.

Saks Fifth Avenue in San Francisco Shifts to Appointment-only Shopping [WWD] Saks Fifth Avenue, in an unprecedented maneuver, is switching its San Francisco department store to an appointment-only format. The switch, which happens on Aug. 28, comes amid a string of recent store closings in San Francisco due to crime, and declining sales, traffic and occupancy. Saks San Francisco and other stores including Neiman Marcus have been hit by snatch-and-grab robberies in the past, but Saks is not giving up on the city. 

Hanes Outlet and Maidenform stores acquired by Hilco division [Chain Store Age] HanesBrands continues to shrink its brick-and-mortar portfolio. Hilco Consumer-Retail has acquired the operations for HanesBrands’ Outlet and Maidenform stores, effective July 27. The financial terms of the transaction were not revealed. Hilco did not respond to inquiries as to how many stores were involved in the deal.