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    PropTech Newsletter: The Week In News, But Shorter

    July 15 - 21, 2024


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    The Week In News, But Shorter
    July 15 – 21, 2024

    A Weekly PropTech Newsletter summarizing the news and trends unique to property owners



    In talking about multi-use spaces over the past couple weeks, we haven’t been shy to admit that there are some challenges that can come along with diversification. But hopefully, it’s also come across that we see technology as a major tool to make this transition less painful. An article this week in propmodo specifically addresses technologies that can help with property valuation when it comes to flexible space, and this is just one example. Overall, there needs to be an acknowledgment by most that this is “new” and “different” (even though to some, like us, it’s actually not so new…,) and that it will require new tools to make it successful. We have the experience and the knowledge to help make this “old hat” to you too. Hit us up over on LinkedIn if you want to discuss!

    This week an article discusses how geoloation technologies can help physical stores stay competitive (another one that is “new” to some, but “not so new” to us), OpenAI announced a new release just as Amazon rolled out their new AI tool to customers, and a major mall operator partnered in the sustainability space.

    Digital Meets Physical

    Amazon rolls out generative AI shopping tool Rufus to all US customers [RetailDiveAmazon has extended Rufus, a generative AI-powered conversational shopping assistant, to all of its U.S. customers in the Amazon Shopping app.Using Rufus, shoppers can view previous orders, ask about product updates, compare items and review product details.

    Rise of the Restaurant Robots [The Wall Street Journal Taking a page from industries like auto manufacturing that pair automated systems with human workers to boost productivity, chains such as Chipotle, Sweetgreen and others are testing expensive bespoke machines to mix greens, cook burgers and peel avocados.

    OpenAI is releasing a cheaper, smarter model [TheVergeOpenAI is releasing a lighter, cheaper model for developers to tinker with called GPT-4o Mini. For developers who are hungry to build AI applications for cheap, the launch of GPT-4o Mini gives them another tool to add to their inventory.

    New Look at Geolocation Helps Physical Stores Compete in a Digital World [PYMNTSCustomer expectations are perpetually evolving — meaning the experiences they are offered should, too. Innovation is the key to staying ahead, especially within the digitally transformed retail landscape. Against that backdrop, geolocation technology, once a novelty, has now become a powerful tool for enhancing customer experiences in retail.

    Love’s bringing gamification restaurant tech to all new c-stores [C-StoreDiveLove’s Travel Stops & Country Stores is implementing gamification technology at its partnering restaurants as a means to boost operational efficiency. The system features three 27-inch monitors placed throughout the restaurants. These devices track key performance metrics like greet times, order processing and how long food handoff takes.

    PropTalk

    Energy giant announces deal retail company to bring EV tech to Houston malls [InnovationMapTwo Houston-area malls will be getting bp’s electric vehicle charging technology thanks to a new global collaboration. The global energy company will be bringing its global EV charging business, bp pulse, to 75 shopping facilities across the country thanks to a partnership with Simon Malls.

    Technology May Be Able to Add Flex Space to the Valuation Equation [PropmodoWhile the failures of co-working giants like Knotel and WeWork may have highlighted flex space’s challenges, the demand for flexible real estate options remains strong. These failures were largely due to business model weaknesses, not a lack of market interest.

    Marcus & Millichap On the Science and Art of Tech and AI in Commercial Real Estate [Commercial Observer] The commercial real estate industry has been notoriously slow in adapting to new technologies. Not so for Marcus & Millichap (MMI). The brokerage services firm had an electronic inventory system dating back to the 1970s, which evolved and went live online in the 1990s as one of the first internet-based commercial real estate inventory outlets.

    Dubai Mall achieves remarkable growth in footfall for the First Half of 2024 [TravelDailyNewsDubai Mall has achieved further growth in 2024, recording 57 million visitors during the first half of the year, in comparison to 52 million visitors for the same period in 2023. Performance of various categories have witnessed similar growth, recording growth in retail sales ranging from 8% to 15% over the same period last year.

    How Retail Property Managers Can Maximize Back-To-School Shopping [ForbesAs students wrap up their summer activities and prepare to hit the books again, parents across the country are gearing up for the annual back-to-school shopping spree. This year, retail property managers have a golden opportunity to capitalize on this seasonal surge by understanding key shopping trends and leveraging them with their retail tenants.

    Why outlets are lagging behind other mall categories in the U.S. [CNBCIndoor malls and open-air shopping centers have done a better job of recovering than outlet malls have as they try to get back to pre-pandemic levels, according to data from Placer.ai, an analytics firm that uses anonymized data from mobile devices to estimate overall visits to locations.

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