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    The Week In News, But Shorter

    May 26 - June 2, 2024


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    The Week In News, But Shorter
    May 26 – June 2, 2024



    An article in PYMNTS this week revealed that Mall of America – one of the most successful properties in the U.S. –  was about 80% retail and 20% attractions, entertainment and dining when they first opened. Today, they are about 65% retail and 35% dining and entertainment, and they hope to continue shifting to be closer to a 50/50 split. While the Mall of America is definitely unique, this shift in tenant mix is not. In fact, it’s something we encourage our clients to consider and develop technology solutions that facilitate this new retail ecosystem. Why? Because it’s what consumers demand. With more traditional retail available online, experiences help to draw shoppers to centers, especially ones that feel connected to the retail experience. What is the right mix? Well, that is both an art and science that we’re happy to help you fine-tune – let’s chat!

    And it wasn’t just Mall of America in the news this week regarding the shift in property redevelopment and property owners might have a new big box offering as another e-comm giant makes the leap into physical retail, plus one of our other favorite last-mile topics was in the headlines.

    If you follow us over on LinkedIn you might know that we will be in Chicago this week for the Retail Innovation Conference Expo (#RICE24) speaking on a panel covering the role technology is playing in combating retail theft and David will be in Dubai next week for the Middle East Council of Shopping Centres & Retailers (MECS+R) event.  We look forward to catching up with our clients and colleagues. 

    Digital Meets Physical

    Retail Innovation Labs Come And Go, But Which Is It In 2024? [ForbesInnovation is always in vogue, even in the toughest of times. However, innovation labs come and go – and they are even more difficult to sustain in the retail industry. The margins are thin, and this tends to drive a conservative investment environment. Additionally, other retailers by the nature of their business, tend to put all of their innovation on display.

    How L’Oréal Morphed Into a ‘Beauty Tech’ Company [WWDBeauty companies should embrace technology as consumers expect tech-driven engagement, personalisation and solutions that solve specific problems, said Guive Balooch, a managing director at L’Oreal. An example is L’Oreal Paris Colorsonic, an innovative device that automatically mixes and deposits hair coloring formula at the roots.

    PayPal Is Planning an Ad Business Using Data on Its Millions of Shoppers [The Wall Street JournalPayPal is starting an ad network juiced with something it already owns: data on its millions of users. The digital payments company, which includes Venmo, plans to build an ad sales business around the data it generates from tracking the purchases as well as the broader spending behaviors of millions of consumers who use its services.

    Walmart launches immersive digital shopping experience [RetailDiveJoining other retailers in the virtual store trend, Walmart last week debuted its immersive shopping platform, dubbed Walmart Realm, according to Chief Marketing Officer William White. The immersive shopping experience lets consumers browse virtual environments and purchase products within them.

    PropTalk

    Why Wayfair Stands To Win Going Big With Its Brand New Big Box [ForbesA retailer that made its name online as an e-commerce-only company, Wayfair just made an entry into physical retail with a mega-store that could be on the cusp of a couple new retail trends, or at the very least tell us something about what works for furniture and home décor shoppers.

    Michaels turns physical stores into omnichannel supply chain hubs [Chain Store AgeThe Michaels Companies is leveraging its brick-and-mortar stores to fill digital orders. In a session at the recent Manhattan Associates Momentum 2024 conference in San Antonio, “Empowering Stores for Seamless Omni-Channel Success: A Deep Dive into Michaels’ Initiatives,” executives from the specialty arts and crafts retailer discussed how it seamlessly integrates online and offline channels.

    Adam Neumann Gives Up on His Bid To Buy Back WeWork [CoStarAdam Neumann, WeWork’s ousted chief executive, has given up on his bid to buy back the company he co-founded. This comes less than three weeks after signaling publicly his acquisition ambition wasn’t dead.

    More Residences Follow Retail in US Mall Redevelopments [CoStarA 60-year-old enclosed mall, a popular institution in a North Jersey municipality, is about to be dramatically reconfigured in a reflection of the times: Much of its retail space will be demolished and replaced with an open-air town center and 1,000 luxury apartments.

    Should US Shopping Malls Include Gamification and Experiential Retail? [RetailWireIn response to the growing demand for experiential retail, ION Orchard has integrated gamification into its customer loyalty strategy. The prominent mall recently launched an augmented reality game, “World of Rewards,” within its mobile app. It offers shoppers the opportunity to win over 30 rewards by engaging with various participating retailers as they explore the mall.

    Mall of America Exec Says Consumers Balance Shopping and Experience [PYMNTSAs convenience-seeking shoppers make more of their purchases online, malls are adapting to focus more on on-site, immersive experiences rather than just on the quality and variety of retail vendors. Jill Renslow, chief business development and marketing officer at Mall of America, said “it’s important” for shopping centers to “repurpose” the tenant mix as consumers’ expectations evolve.

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