| A Weekly PropTech Newsletter bringing you industry updates from across the real estate spectrum |
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| CoStar recently highlighted a JLL report that found upscale luxury chains are increasingly purchasing their own real estate in a bid to better control their own destiny. The report also noted that “malls that strategically optimize their tenant mix to offer best-in-class retail remain attractive to luxury brands seeking high-quality space, with the best malls including an array of luxury brands in their rosters.” Whether or not your center aims to attract luxury retailers, a key takeaway is the importance of diversity—both in tenants and lease offerings. While these may not have historically been priorities for property owners, the evolving retail landscape has made their value soar. Let’s chat if you’d like to explore how to bring more diversity to your center.
On another note, just when we thought all avenues of last-mile delivery had been explored, Amazon surprised us this week with new innovations. Retail safety also made headlines with a new law in New York and cutting-edge technology being introduced at the Mall of America. In case you missed it, we also shared one of our latest collaborations on LinkedIn—be sure to check it out! |
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| How Roblox’s Shopify partnership lays the groundwork for e-commerce in the metaverse [ModernRetail] On Friday, Roblox revealed during its annual conference for studios and developers in San Jose, California, that it had tapped Shopify to be its first commerce integration partner. This means brands on Shopify can sell physical items directly to users within their Roblox games and experiences without ever leaving the platform.
Amazon trials last-mile deliveries by tram in Frankfurt [TechCrunch] Amazon has announced a new pilot package delivery service in Frankfurt, Germany, that meshes electric road and rail transport. The e-commerce giant will use vans from its delivery depot to the first tram stop on the outskirts of Frankfurt, with the city’s new Gütertram service transporting the goods to awaiting cargo bikes. |
| PayPal seeks to attract users offline [Payments Dive] PayPal, which has expanded its cashback rewards program to boost customers’ in-store use, has observed an increase in rewards claimed for groceries and gas since the program’s expansion late last month, the company’s CEO, Alex Chriss.
How Tote Aims to Be the Resy of In-store Shopping With AI Tech, High Conversion Rates and Elevated Experiences [WWD] Tote, the retail technology company that facilitates a bridge between online shopping and in-store experiences, has announced its official launch. The company rolled out its product in 2023 and has seen quick success partnering with more than 50 retail brands and more than 80 stores from small boutiques to large retailers including Bandier, Still Here, Ramy Brook and Susan Alexandra. |
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| Retail workers hail New York’s new panic-button law [RetailDive] New York Gov. Kathy Hochul signed a retail worker safety act into law requiring retailers to take certain actions to promote safety at stores, including precautionary measures like better lighting, adequate staffing, employee training and more. Under the new law, companies with 50 or more retail employees must install panic buttons. |
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| Luxury chains, seeking to control their destinies, are buying storefronts [CoStar] Luxury retailers haven’t pulled back on their U.S. expansions in an uncertain economy, though a lack of available retail space is prompting some to buy real estate to secure store locations and to open shops at select malls.
Placer.ai: Mall visits see visits rise in August [Chain Store Age] Back-to-school shopping helped boost mall visits across the board in August to close out the summer. According to data from retail analytic firm Placer.ai’s Mall Index: August 2024 Recap, year-over-year visits in August 2024 increased by 7.3% for indoor malls, 5.8% for open-air shopping centers, and 6.1% for outlet malls. |
| Missouri’s Chesterfield Mall to re-emerge as ‘Downtown Chesterfield’ [Chain Store Age] What once was the largest shopping mall in the St. Louis Metro closed its doors. The property will re-emerge, say its redevelopers, as a “Unique 21st Century New Urban Downtown” for the city of Chesterfield, Mo.
Spain’s Zara launches new flagship store at Bengaluru’s phoenix mall [Fibre2Fashion] Zara opens its 24th store in India at Bengaluru’s Phoenix Mall of Asia, spanning over 36,000 square feet. The store features a sleek design with Infinity stone texture, wooden accents, and a boutique space for its baby collection, the first of its kind in India. With 13 self-checkout and 6 regular cash counters, it offers a tech-driven, shopping experience. |
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| Mall of America could soon install shot-detection technology [KSTP.com] There are plans to install shot-detection technology in and around Mall of America.Documents from the city of Bloomington say “In 2024 (MOA) intends to implement a system to immediately detect and replicate a critical incident involving a gunshot.” |
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