shopping malls of the future
TRANSCRIPT
Shopping Malls of The Future
www.FutureRetailing.com @FutureRetailing cn.linkedin/com/in/dtwwong
1Jan 2015
About the Author:
Born and raised in Hong Kong, David now resides in Shenzhen with his family. In China since 1994, he held several senior management positions with real estate developers and consulting companies including CB Richard Ellis, Colliers International, Keppel Land the Feizhou Group. David's latest project is HomeTown DG, a revolutionary 3,000,000 sq ft exhibition-shopping mall in Southern China. This is the first shopping mall to partner with an international exhibition organiser/brand activation company and one of the most influential media group in China. Hometown DG is scheduled to open Q4 2016.
The mall is dying…
because they’re boring
“You don’t want to go to a store if every store looks the same wherever you are in the world. It’s total boredom.” Tomas Maier
“The retail guys are going to go out of business, and e-commerce will become the place everyone buys.” Marc Andreessen
retailers are doomed…
unless you have a story to tell like the STORY…
• Point-of-view of a magazine • Changes like a gallery • Sells things like a store
The Story in NYC
Rachel Shechtman: STORY The story is a 2,000-square-foot retail and events space located in New York City’s Chelsea neighbourhood. http://thisisstory.com/
http://thisisstory.com/
Retailing is about creating a culture…
What should mall owners and operators do?
Analytics
Community
EnvironmentConnectivity
MarketingContent
Lifestyle
Social Media
Big Data
Online
Technology
Omni-Channel
Content, Connectivity and Experience
• Maximise the physical presence advantage
• Curate contents tailored to the interest of shoppers
• Facilitate consumers and retailers connection
• Focus on delivering a memorable consumer experience
Forrester research shows that Cxi (Customer Experience Index) leaders financially outperform the S&P and the customer experience laggards by as much as 43%
“Somewhere along the evolution of commerce we completely lost the fun and social part. ” Runar Reistrup, CEO of Depop
Break the physical barrier of the store
• Extend brand touch points beyond the store
• Use pop-up stores and consumer exhibitions
• Provide at-a-glance navigation
• Think ‘front page’ of online sites
HomeTown DG
Better utilise public spaces
AEON MALL Okayama
• Be the hub of your customers
• Provide community events venues and exhibition spaces
• Offer public space usage outside opening hours
Rethink trade and tenancy mixes
• Converge consumers interested in different trade mixes
• Reconsider affinity relationships between trades and tenancies
• Consider non-traditional anchors
• Evoke consumer emotions instead of offering ease of purchase
• Optimise shop footprint
IT&T
Offer tools and connections for web business
• Physical shops are an important part of the omni-channel
• Every retailer in your mall will be online
• Offer web-business-friendly value added services
• Embrace social media tools, apps and sites
Refresh your contents
• Do not rely solely on tenants
• Curate shoppers’ lifestyle
• Place contents that connect to their interest and needs
• Dynamic contents attract customers and facilitate transactions
http://thisisstory.com/
HomeTown DG
Invest in analytics
• Sales per square foot/metre is no longer an accurate assessment of store value in today’s omni-channel environment
• Learn from the web, use in-store analytics and predictive tools
• Use data wisely, heat maps alone cannot offer the full picture, affinity relationships are important for mall operators
IT&TRetailNext
Jan 2015
@FutureRetailing
cn.linkedin.com/in/dtwwong/
“To improve is to change; to be perfect is to change often.” Winston Churchill
www.FutureRetailing.com