Near Intelligence Reveals Visitation to Shopping Centers Up 19% Despite Looming Recession in its Commercial Real Estate Report
06 Junio 2023 - 7:05AM
Business Wire
- Report identifies five trends to revitalize shopping centers
and adapt to changing consumer preferences
- Entertainment, Food & Mixed-Use Developments draw more
visitors and keep them lingering longer
Near Intelligence, Inc. (Nasdaq: NIR) (“Near” or the “Company”),
a global leader in privacy-led data intelligence on people, places,
and products, today released a report, “Commercial Real Estate
Trends to Revitalize Shopping Centers” which identifies five top
trends to help shopping centers draw in more visitors and adapt to
changing consumer preferences in the face of a looming
recession.
Despite economic concerns, when looking at the performance of
shopping centers overall, in Q4 of 2022, visitation increased 19%
from Q4 in 2021. This growth shows the increasing eagerness of US
consumers to return to normalcy when it comes to shopping, dining,
and entertainment.
The study emphasizes that to thrive in the new world of consumer
behavior, malls must offer unique dining, retail, entertainment,
and other experiences that shoppers cannot find just anywhere.
"If there’s any one constant when it comes to consumer behavior,
it’s change. The trends that are resonating now are likely to be
different in a few years, or even a few months. In order to
future-proof, malls and shopping centers must leverage data
analytics to personalize the shopping experience and create
engaging and convenient experiences that keep customers coming back
for more," said Cate Zovod, VP of Product and Industry Marketing at
Near.
Unique experiences expand reach Shopping centers offering
interactive experiences and entertainment help to increase
visitation from a wider geographical area.
- Seismique, an interactive art exhibit that features 40,000
square feet of Instagram-friendly art installations, replaced a
former big box retailer in a struggling center.
- Upon opening it, a boost of visitors traveled a median distance
of 28 miles to get to the attraction - far beyond the trade area
for the rest of the mall.
Eatertainment keeps customers on-site longer While casual
dining chains have struggled in recent years, Eatertainment has
thrived thanks to more upscale menus and a focus on the
experience.
- Consumers spent longer in Eatertainment anchors than any other
type - spending a median of 60 minutes in an Eatertainment
venue.
- Meanwhile, Big Box and Grocery Anchors had roughly half that
dwell time, as consumers hurry to finish their errands.
Consumers also prefer dwelling at mixed-use developments
The study found that mixed-use developments had visitors spending a
longer time there than other types of malls.
- The median dwell time at mixed-use malls in Near’s study was 60
minutes, higher than any other.
- This could be partially explained by how many multi-use
developments are planned to create a community feel, with open
park-like spaces creating an experience for residents and visitors
alike to linger and enjoy.
Consumers travel for healthcare Having medical offices
and medtail in malls offers several opportunities for both the
medical industry and mall owners.
- Medical offices can bring additional foot traffic to malls,
potentially leading to increased revenue for mall owners and other
retailers.
- Among the malls in the study, healthcare anchors drew visitors
from the farthest median distance - 13.6 miles - even surpassing
experiential anchors.
Centers engage directly with customers While shopping
centers have traditionally left retailers to handle direct
interactions with customers, malls are increasingly connecting with
customers across social media, loyalty programs, livestreaming, and
more.
- Westfield Group allows their mall loyalty program customers to
link their credit card to their account, automatically adding
loyalty points with each purchase - and offering appealing rewards
from discounts to free meals.
- Their Westfield Garden State Plaza location attracts 2-3x more
visitors than other shopping centers in the area, who spend an
average of 58 minutes at Westfield versus 36 minutes for the
average shopping center in New Jersey.
Read the full Future of Malls report here: CRE Trends to
Revitalize Shopping Centers
About Near
Near, a global, full-stack data intelligence
software-as-a-service (“SaaS”) platform, curates one of the world’s
largest sources of intelligence on people, places, and products.
The Near platform’s patented technology processes data from an
estimated 1.6 billion unique user IDs and 70 million points of
interests, in more than 44 countries. Near’s data and insights
empower marketing and operations teams to understand consumers’
online and offline behaviors, affinities, and attributes in order
to engage them and grow their businesses. With a presence in Los
Angeles, Paris, Bangalore, Singapore, Sydney, and Tokyo, Near
serves scaled enterprises in retail, real estate, restaurant/QSR,
travel/tourism, telecom, and financial services. For more
information, please visit https://near.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230606005002/en/
Near - Media Inquiries Kat Harwood, Near PR@near.com
Investor Relations Marc P. Griffin, ICR
Marc.Griffin@icrinc.com
Near Intelligence (NASDAQ:NIR)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Near Intelligence (NASDAQ:NIR)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024