Shopping Center Business

SEP 2018

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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CALIFORNIA 48 • SHOPPING CENTER BUSINESS • September 2018 S E V E N T H A N N U A L I N T E R F A C E M U L T I F A M I L Y T E X A S S E P T E M B E R 2 6 • D A L L A S P R O D U C E D B Y I N T E R FAC E C O N F E R E N C E G R O U P A N D F R A N C E M E D I A France Media's Shopping Center Business and InterFace Conference Group will host the seventh annual InterFace Multifamily Texas on September 26th in Dallas at the Westin Galleria. This popular and well-attended event will bring together leading conventional apartment owners and operators in D/FW, Houston, San Antonio and Austin for a one-day conference combining great information and market insights and high-level networking and dealmaking. i n t e r f a c e c o n f e r e n c e g r o u p . c o m / m f t x 2 0 1 8 L e a d i n g T e x a s A pa r t m e n t I n v e s t o r s & D e v e l o p e r s t o G at h e r i n D a l l a s S P O N S O R S H I P & S P E A K I N G O p p o r t u n i t i e s : Rich Kelley • 914-468-0818 • rkelley@francemediainc.com G O L D S P O N S O R S S I L V E R S P O N S O R P L A T I N U M S P O N S O R s responded to these increased costs by slashing their payrolls in dramatic fashion," he says. "That's one of the fears you'll hear expressed by oppo- nents of increases in the mandatory minimum wage." PLAN AHEAD Technology is clearly one area where efficiency reigns supreme. Complex IoT systems, automated software, hu- manoid robots, and virtual (VR) and augmented reality (AR) can reduce staffing, speed up big data analytics, and enhance marketing and leasing efforts. "California is a place that is respon- sible for a lot of technological innova- tions and is open to changes through the use of technology," Perkowitz says. "Because of the popularity of online shopping, we see changes in store design that make way for return/ exchange areas, experiential spaces and sometimes smaller overall square footage. We are more often incorpo- rating VR and animation services for our clients, using technology to help them to have a certainty of the design outcome. VR is also increasingly be- ing used to assist leasing efforts with flyovers and virtual walk-throughs." Thompson believes the state is at the forefront of many technological advancements, in both retail and be- yond, thanks to a few key regions that make access and implementation easier here than in other parts of the country. "Given all of the venture capital funding in Silicon Valley and other markets, there's no shortage of click-to-bricks concepts with advanced, customer-centric models," he says. "Retail landlords can do a lot on the technology and data side as well, and owners like Westfield have certainly been working hard to assist their tenants in ways not traditionally done in the past." The fear that technology and online shopping will bring about the demise of brick and mortar is unfounded, however, according to industry experts and stats. "The Internet was long looked at as the enemy of brick-and-mortar retail, yet we have found so-called omnichanneling is actually helping to drive more transactions to tradition- al stores," Moore asserts. "This is a trend that will only gain momentum." Randall Lewis, executive vice president of marketing for Lewis Group of Com- panies in Upland, has seen the positive effect of e-commerce and omnichannel firsthand at its centers. "E-commerce is growing, of course, yet that growth has not negatively impacted our centers," he notes. "The larger retailers with whom we work are definitely quickly adopting technology and smoothly offer- ing an omnichannel experience, be that accepting returns from online purchases in-store, or offering grocery delivery if cus- tomers prefer that option and partnering with Uber Eats or others for restaurant food delivery service." A 2017 Harvard Business Review Study showed retailers who created more than one shopping channel for customers increased the average time spent on each shopping occasion in a brick-and-mortar store by 4 percent and on an e-commerce

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