PropTech Newsletter: The Week In News, But Shorter

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The Week In News, But Shorter
November 18 – 24, 2024

A Weekly PropTech Newsletter bringing you industry updates from across the real estate spectrum

Here in the U.S. we are about to welcome the most anticipated shopping day of the year: Black Friday. Retailers and property owners alike have been prepping for the day for weeks, months, and sometimes even all year. As it approaches, much remains to be seen in terms of how the economy will impact consumers’ behaviors, the role AI will have in positive or negative experiences, and if indeed the delivery system can handle all the package delivery. We’ll be waiting with baited breath to see the outcome, but first, we’ll be enjoying some good time and good food with family, and we hope you’ll be doing the same!

In case you missed the latest in our PropTalk Interview Series, we sit down with Eduardo Pérez Marchant, CEO of Parque Arauco, to uncover his insights on reshaping retail real estate across Latin America. In this engaging interview, Eduardo shares: The impact of evolving demographics and urbanization on retail spaces; How technology-driven solutions like Arauco Plus and Arauco Pick-Up & Delivery enhance customer experiences; The role of sustainability initiatives in driving long-term value; And opportunities in underpenetrated LATAM retail markets compared to global trends. Read the full interview here.

Digital Meets Physical

Nordstrom leverages generative AI for holiday app refresh [RetailDive] Nordstrom is attempting to streamline the holiday shopping experience with a refreshed mobile app that leverages generative artificial intelligence. The app relies on expertise from Nordstrom stylists and generative AI to deliver relevant trends.

Google enhances in-store and online product research [Chain Store Age] Google is providing shoppers new ways to obtain product information wherever they are and also expanding some payment features. They are updating the Google Lens tool with new artificial intelligence image recognition technology to snap a photo of an item in a store to find product information, similar products in-stock, whether a store’s price is competitive and shopper reviews.

Go On, Try It — Brands Have Room to Stumble In Retail Tech Experiences: Harris Poll [ConsumerGoods] Note to brands: Consumers are pretty forgiving when it comes to companies trying new tech-enabled retail experiences, indicating a prime opportunity for a few risky dice rolls. It’s a tolerance that even extends into artificial intelligence — though up to a far shorter point.

Walmart slashes US delivery costs by 40% per order [RetailDive] Walmart slashed its U.S. net delivery cost per order by 40% in Q3 for the third consecutive quarter. “There are a few key factors driving this improvement: delivery densification, increased penetration of paid expedited delivery orders and the automation of our supply chain,” Rainey said.

Meet the Man Who Made a Fortune Bringing Brands Back to Life [The Wall Street Journal] Brooks Brothers. Reebok. Elvis. Jamie Salter has built a multibillion-dollar empire acquiring distressed brands and undervalued IP—and he’s still shopping for more.

PropTalk

Auction of struggling San Francisco Centre mall postponed [RetailDive] San Francisco Centre, once a bustling mall adjacent to the city’s Union Square shopping district and now in default to the tune of $625.6 million, was to be auctioned off on Thursday, but the sale has been postponed. An auction is now set for Dec. 17, according to documents from the San Francisco City and County Assessor’s office and the First American Title Insurance Company.

Barnes & Noble is making a comeback [CNNBusiness] A massive, multi-story building in the Washington, DC, neighborhood of Georgetown welcomed back a former occupant this month that had been gone for over a decade. In a move that’s perhaps more symbolic than business-minded, Barnes & Noble, America’s largest retail bookseller, has reclaimed the flagship store it vacated in 2013.

Meijer to add nearly 500 electric charging stalls [GroceryDive] Meijer and electric vehicle charging company EVgo are expanding their partnership, with plans to deploy up to 480 fast-charging stalls in as many as 60 of the retailer’s locations.

Is Palm Springs California’s next big warehouse battleground? [SFGate] A proposed fulfillment center in Palm Springs is raising questions about the desert city’s potential future as the latest outpost of the Inland Empire’s sprawling logistics and fulfillment industry.

Five Shopping Centers Redefining the Future of Retail [Propmodo] Despite significant challenges, physical retail has endured. The rise of e-commerce and increasing interest rates have led to the closure of many retail locations and the redevelopment of some shopping centers. Yet, retail has proven its resilience by adapting and finding new ways to remain relevant in a world where almost anything can be delivered to your doorstep.

Galleria Dallas GM talks Netflix House, other changes for mall [Business Journal] The American mall is alive and well. Even more so, Texas malls are alive and well. In North Texas, where retail thrives and shopping destinations flourish, malls have been attracting shoppers back to pre-pandemic levels. That’s welcome news for the folks running major retail hubs like Galleria Dallas.