| This week we were thrilled to share our thoughts with the Commercial Observer on how shopping malls are using technology heading into this holiday season. As your retail partners look for more data about footfall, gone are the days of placing sensors all over your center. Property owners now can better understand shopper traffic patterns and use predictive analytics to streamline operations through sophisticated solutions. There are lots of other interesting proptech insights included in the article – check it out below or find our post on LinkedIn and let us know your thoughts.
Don’t miss reading about the massive opportunity that lies within parking lots and we noticed that a major US mall operator is realizing that owning retailers might not be the right game to be in. Also continuing from last week, there is more on what’s going on in the retail returns space post-pandemic and enjoyed a POV on why strip-malls are back in trend. |
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| There’s A Multibillion-Dollar World Of Startups, Parking And Deals [Crunchbase News] Across the planet, roughly 1.47 billion cars and trucks already need a place to park. And each year, we add millions of new ones to the ranks. Given that reality, it’s no shocker that parking is an increasingly big business. Globally, annual revenue from the parking management industry is projected to exceed $10 billion by 2030, growing at a yearly rate of 9% to 11%, per research firm estimates. |
| Target holiday marketing includes pop-ups; in-store, digital experiences [Chain Store Age] The retailer said it will hold three traveling events around the country where “guests can immerse themselves in a world of wonder and joy inspired by holiday journeys.” Billed as “Target Wonderland: Bullseye’s Top Toys Adventure,” the pop-ups will feature larger-than-life toy experiences with brands such as Mattel, Lego and Nintendo, festive photo ops (including a life-sized Barbie box), fun games and more. |
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| Holiday Shopping Season Highlights Proptech’s Bigger Role in Retail [Commercial Observer] “From a retail and shopping center perspective, I think there’s certainly more of a focus on loss prevention than there’s been in the past,” said David Blumenfeld, who along with Kyle Spencer, started NextRivet, a San Francisco-based proptech consulting firm founded in 2019 that helps mall operators integrate technology solutions into physical stores in an effort to compete with e-commerce. It also helps landlords partner with retailers to drive greater demand. |
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| Micro & Last Mile Fulfillment |
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| Walgreens pauses expansion of micro-fulfillment centers [Supply Chain Dive] Walgreens is pausing its micro-fulfillment center expansion plan to focus on improving the rollout of the facilities. The company is hoping to more fully realize the initiative’s potential, including working capital reduction, inventory tracking and control, customer service enhancements, workflow improvements and reduction in the cost of sale.
Why tech companies are offloading their reverse logistics businesses [ModernRetail] During the pandemic, tech companies were eager to acquire returns businesses. They were spurred on by people ordering more things online than ever before — and, subsequently, needing to return more things. But now, many of these same companies are rethinking some of the acquisitions they made. |
| Amazon’s fulfillment network shift exceeds expectations [Supply Chain Dive] Amazon’s shift to a regional fulfillment network exceeded the company’s expectations, making “more impact than we optimistically expected,” President and CEO Andrew Jassy. The benefits come in many forms, including higher stock levels and improved connectivity between different facilities and delivery stations, resulting in shorter delivery routes and faster delivery speeds.
Sur La Table partners with Walmart GoLocal for same-day delivery [RetailDive] As it preps for the holidays, specialty cookware retailer Sur La Table has partnered with Walmart GoLocal to offer same-day deliveries. Sur La Table plans to introduce the same-day delivery service across the U.S. by mid-November. |
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| Restaurants & Ghost Kitchens |
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| “Ghost Kitchens” Are Coming To Europe — Why They Might Not Last [WorldCrunch] “Ghost Kitchens” or “Dark Kitchens” — restaurants that only serve delivery customers — have exploded in the post-pandemic landscape, and are now becoming more common in Europe. In spite of their convenience, many have reported poor working conditions and health code violations. |
| Order up! How grocers are replicating the restaurant experience in retail [GroceryDive] Hy-Vee’s food hall is an example of just one of the ways that grocers are getting creative as the gap between grocery and restaurant prices widens, grocers see an opportunity to lure cost-conscious consumers to their stores by touting their made-to-order options. |
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| Quick Service Restaurants Double-Down on Technology to Gain Customers [PYMNTS] In the last two years, due to high inflation, restaurants have been forced to raise menu prices and cut staff and services while facing an increasingly demanding client in aspects such as convenience, use of technology, or the complexity of menus. The biggest challenge restaurants currently face is providing quality services that meet customer demands without compromising the price, which is not occurring in all cases today. |
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| Strip Malls Are the New King of Retail Real Estate [The Wall Street Journal] A major shopping-center owner is spinning off all its strip malls into a new publicly traded company, indicating that this property type is thriving under a hybrid work environment. SITE Centers, which owns and manages open-air shopping centers in affluent suburbs, is placing 61 strip-mall properties into a real-estate investment trust called Curbline Properties.
WeWork Plans to File for Bankruptcy as Early as Next Week [The Wall Street Journal] WeWork is planning to file for bankruptcy as early as next week, according to people familiar with the matter, in what would mark a stunning reversal for the flexible-office-space venture that was once valued at $47 billion. New York-based WeWork is considering filing a chapter 11 petition in New Jersey. |
| Simon Property Group reduces stake in Forever 21 operator Sparc [RetailDive] Simon Property Group has reduced its stake in Sparc Group — a 50-50 venture with Authentic Brands Group — to 33%, the mall REIT said. The sale provided after-tax gains of $118.1 million in the third quarter, according to a company press release. Sparc runs Forever 21, Brooks Brothers, Aéropostale, Eddie Bauer, Lucky Brand, Nautica and Reebok.
Reliance opening India’s largest luxury mall on Nov. 1 [IndiaRetailing] Reliance Industries Ltd (RIL) is opening doors to India’s largest luxury mall providing a much-needed dedicated shopping mall for high-end labels in the country’s financial capital. The 750,000-sq. ft. Jio World Plaza spanning over four levels will be located in Mumbai’s commercial district of Bandra Kurla Complex. |
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