| A Weekly PropTech Newsletter bringing you industry updates from across the real estate spectrum |
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| Two weeks ago, we highlighted Simon’s latest campaign, “Meetme@themall,” which is specifically targeted at Gen Z shoppers. This week, ModernRetail explored it as part of a larger shift among mall owners focusing on the younger generation. While marketing is key, curating the right tenant mix is just as important—something we’ve been discussing often, along with strategies to keep that mix fresh. For property owners, both marketing and tenant selection are long-standing priorities, but staying ahead of trends is becoming even more critical as younger generations with shorter attention spans take center stage. Luckily, you’re already ahead by subscribing to this newsletter! Know someone else who could benefit? Forward this email and encourage them to sign up here.
Meanwhile, Manhattan shopping made headlines this week with a spotlight on menswear and and ambitious plan for Fifth Avenue, while the enduring appeal of in-store shopping and immersive experiences continues as the holiday season approaches. AI innovations in retail also remains a hot topic. And don’t forget to check out the latest in our PropTalk Interview Series, featuring Ricardo Rosa, the Director of Innovation at Sonae Sierra – check it out on LinkedIn. |
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| AI Briefing: Why Walmart is developing its own retail-specific AI models [Digiday] Walmart debuted a new set of retail-specific AI models to help power the company’s “Adaptive Retail” era of personalized shopping and customer service. Called Wallaby, the LLMs were trained on decades of Walmart data with company-specific knowledge about customers, employees, Walmart terminology, its corporate values and other brand-specific data.
Retailers Flip the Script; Design In-Store Experience for Digital Shoppers [PYMNTS] DGS Retail’s recent acquisition of SMS Display Group and its rebranding to Agility Retail Group signals a larger trend in the retail industry: the growing emphasis on enhancing in-store customer experiences. |
| Why Men’s Retail Is Booming in Manhattan [Business of Fashion] Emerging labels are gravitating to downtown New York, known for its historic resonance with menswear shoppers, as they take advantage of an in-person shopping resurgence and look to add a new dimension to their brands beyond Instagram.
London’s electric last-mile delivery provider Fin to expand to the US [Electrek] Sustainable logistics and deliveries provider Fin announced $7 million in seed funding and is expanding its operations to the US. With the seed funding, Fin is able to scale its operations, now boasting over 100 e-cargo bikes and 100 electric vans used to deliver between 7,000 and 14,000 parcels throughout London daily. |
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| After layoffs, Shopify aggregator OpenStore launches an AI customer service tool for brands [ModernRetail] OpenStore has spent the last four years buying up Shopify brands. Now, it wants to sell software products to them too. OpenStore announced OpenDesk, an AI-driven customer support tool that it will start selling to other Shopify brands. OpenStore built OpenDesk to support its own customer service needs across the roughly 51 brands it operates. |
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| How Malls Are Adapting to Ensure Long-Term Success [GlobeSt.] This year’s back-to-school season breathed new life into indoor malls, with a report revealing a significant 7.3% increase in foot traffic compared to the previous year. This surge in popularity wasn’t limited to enclosed shopping centers, as open-air shopping centers and outlet malls also experienced substantial growth during the same period.
Experiences bring shoppers in-store. How can retailers stand out? [CXDive] Shoppers, particularly younger ones, visit stores for the experience, according to a survey of 1,300 shoppers released by logistics solution provider Ryder last month. While six in 10 consumers say the experience draws them to shop in-store, that number rises to 7 in 10 among those aged 18 to 29.
How major malls are catering to Gen Z shoppers [ModernRetail] Major mall owners are increasingly trying to cater to Gen Z by finding the right marketing messaging and rethinking their tenants by adding new types of services like experiences. Simon’s approach includes some retro aspects as well as well-known younger influencers. |
| The Death of Main Streets Across America—and the People Trying to Save Them [The Wall Street Journal] There was a time when the main streets in small towns were the lifeblood of small businesses. The hardware store, the candy counter, the dress shop—this was where the locals gathered and where entrepreneurs thrived.
Nearly half of holiday shoppers plan to shop in stores [RetailDive] Signaling a return to brick-and-mortar shopping, 47% of shoppers plan to shop in physical stores this holiday season. While half of baby boomers said they will shop in physical stores, 46% of Gen Xers and millennials, as well as 44% of Gen Zers, said the same.
Can a $350 Million Plan Transform 5th Avenue Into a Grand Boulevard? [New York Times] Many New Yorkers have come to avoid a stretch of Fifth Avenue that is perpetually choked by traffic and throngs of tourists. Now, there is a plan to restore the luster of the famed thoroughfare by revamping a central portion of it into a showcase boulevard for strolling and shopping, like the Champs-Élysées in Paris, Calle Serrano in Madrid or Bond Street in London. |
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