Upload
qube-global-software
View
400
Download
0
Embed Size (px)
Citation preview
CLEAR VIEW USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL VENUES
CLEAR VIEW USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL VENUES
Click here to view full screen
CLEAR VIEW - USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL SPACE
OWNERS AND MANAGEMENT TEAMS AT SHOPPING VENUES NEED REAL-TIME INSIGHTS ON DEMAND.
CLEAR VIEW - USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL SPACE
WITH DATA THEY CAN IDENTIFY TRENDS AND PATTERNS AROUND VISITOR FOOTFALL AND SPEND.
BETTER INSIGHT ENABLES TEAMS TO:
Establish performance benchmarks between
or within venues
Increase profitability by making informed business decisions
Introduce new initiatives for tenants and their
end-customers
Improve service and maintenance based upon real-time data
CLEAR VIEW - USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL SPACE
TO SEE DATA IN ACTION, LET’S PAY A VISIT TO SMITH’S MALL.
CLEAR VIEW - USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL SPACE
SMITH’S MALL
WHEN SMITH’S MALL OPENED IN THE MID 1980S, IT WAS A STATE OF THE ART SHOPPING VENUE.
CLEAR VIEW - USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL SPACE
SMITH’S MALL
IN THE 80’S SMITH’S HAD IT ALL:
The best stores The best restaurants (well, two)
The best parking in town
It even had fountains running down Midsummer Boulevard.
CLEAR VIEW - USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL SPACE
IT WAS THE GO-TO SHOPPING VENUE FOR MILES AROUND.
CLEAR VIEW - USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL SPACE
New, more attractive shopping venues arrived and started taking business away.
Then online shopping came into town.
BUT OVER THE YEARS SMITH’S BEGAN TO LOSE IT’S ALLURE.
CLEAR VIEW - USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL SPACE
They had no clear picture around what was going on.
CLEAR VIEW - USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL SPACE
MANAGEMENT AT SMITH’S MALL AND BACK
AT HQ DIDN’T KNOW WHICH WAY TO TURN.
CLEAR VIEW - USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL SPACE
They had no clear picture around what was going on.
MANAGEMENT AT SMITH’S MALL AND BACK
AT HQ DIDN’T KNOW WHICH WAY TO TURN.
THEY WERE OPERATING
IN THE DARK.
IT WAS NO GREAT SURPRISE WHEN SMITH’S MALL OWNERS STARTED DRAWING UP PLANS TO SELL THE SITE FOR REDEVELOPMENT.But first, a last attempt to salvage the situation was put in place.
Retail property consultant, John Taylor was drafted in. FOR
SALE?
CLEAR VIEW - USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL SPACE
SMITH’S MALL
With a strong background in analytics, Taylor was alarmed to find a management team with very little in the way of business intelligence.
To address the situation, he brought in new software to capture data from around the site.
CLEAR VIEW - USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL SPACE
HE KNEW THE PLATFORM WOULD HELP SMITH’S TO GAIN A BETTER UNDERSTANDING OF...
VENUE OVERVIEW SALES
Year on year sales for each month.
CLEAR VIEW - USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL SPACE
NOV0
185,000
370,000
560,000
740,000
930,000
1,115,000
DEC
SALE
S
JAN FEB MAR
20162015
SALES VERSUS RENT
Showing the extent to which rental income rises and falls in comparison to turnover.
CLEAR VIEW - USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL SPACE
NOV
69,583
0
381,739
693,895
1,006,051
1,318,207
1,630,363
1,942,519
DEC
VALU
E
JAN FEB MAR
SALESRENT
FOOTFALL ANALYSIS
To create a more detailed back story to overall sales.
CLEAR VIEW - USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL SPACE
NOV2.00
2.75
3.5
4.25
5.00
5.75
6.5 TARGET FOOTALLACTUAL FOOTALL
DEC
VALU
E
JAN FEB MAR
VENUE SALES VERSUS TARGET
Showing how actual sales exceeded or underperformed each month.
CLEAR VIEW - USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL SPACE
NOV
600,000
950,000
1,300,000
1,700,000
2,000,000
TARGET SALESACTUAL SALES
DEC
VALU
E
JAN FEB MAR
2,400,000
250,000
TENANT SALES VERSUS TARGET
Drilling down to the detail to compare the performance of comparable tenants.
CLEAR VIEW - USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL SPACE
45,000
47,500
50,000
52,500
55000
ACTUAL SALESTARGET SALES
SALE
S57,500
42,500 DOROTHY PERKINS
NEXT FOR WOMEN
PRIMARK
Three months later the picture is much clearer.THE CURRENT VIEWCLEAR VIEW - USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL SPACE
Real-time data around the tenants - which sector they work in and the details of the rent and sales for each business - has changed the game.
Taylor can now see which businesses achieve the best revenue, draw the biggest crowds, and pay the most rent.
THE CURRENT VIEWCLEAR VIEW - USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL SPACE
He can see how many customers are visiting each unit and how much per head they are spending.
From industry research, he can also assess whether these figures are comparable with other shopping venues in the same market space.
THE CURRENT VIEWCLEAR VIEW - USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL SPACE
Footfall rates across the venue indicate that Smith’s Mall is attracting 30% less traffic than would be expected for its location, population density, and demographic makeup.
30%LESS
THE CURRENT VIEWCLEAR VIEW - USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL SPACE
The data indicates existing anchor tenants are underperforming and not driving footfall to the venue.
The main impact for Taylor and his team is that tenants are not renewing their leases.
CLOSED
THE MESSAGE IS CLEAR:
CLEAR VIEW - USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL SPACE
Taylor needs more customers through the door.
SMITH’S MALL
CLEAR VIEW - USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL SPACE
AS A QUICK FIX HE INTRODUCES POP-UP STANDS FOR LOCALLY BASED COFFEE AND STREET FOOD VENDORS. THIS PROVES TO BE A REAL HIT.
CLEAR VIEW - USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL SPACE
HE ALSO SETS IN MOTION A PROJECT TO CLEAN, RE-DECORATE AND REDESIGN THE VENUE.Longer term he believes more branded food and beverage outlets will be the key to bringing customers to Smith’s, encouraging them to stay longer (and spend more).
SMITH’S MALL
After a series of consultations with tenants he agrees a rolling schedule of events, sales and one-off promotions. As a result, customers now look forward to something new on offer at Smith’s each week.
Importantly, the Smith’s Mall team have the analytics
to measure ROI on every initiative that is put in place.
CLEAR VIEW - USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL SPACE
LAST BUT NOT LEAST, THERE IS THE BRAND...
CLEAR VIEW - USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL SPACE
Smith’s Mall took its name from family tradition. Fine in 1986, perhaps, but not in 2016.
Through a competition among local schoolchildren and online customer feedback forms, Taylor develops a bright new logo and a new name.
It’s partly inspired by the data analysis that was the foundation for Smith’s rebrand:
Future
CLEAR VIEW - USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL SPACE
THE BRIGHT FUTURE SHOPPING EXPERIENCE. John Taylor is now CEO of Bright Future. Currently he’s in discussions with new investors and the local authority to expand the venue into a leisure, outlet and shopping destination.
Future
CLEAR VIEW - USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL SPACE
HIS VISION IS FOR BRIGHT FUTURE TO OUTSHINE EVERY COMPETING VENUE WITHIN 100 MILES.
WE ARE SURE HE’LL DO WELL.
Future
FOURS LESSONS FOR YOUR OWN BRIGHT FUTURE:1. Shopping venues are constantly changing. The fact that they were
once successful is no indication they will thrive in the future.
2. Detailed measurement and analysis of customer and tenant behavior is vital to understanding which venues are performing well and which are underachieving.
3. Data analytics - measuring areas such as footfall, sales versus rent, sales versus target, tenant sales versus target - will give you an evidence base for future improvement.
4. Continuous monitoring on a weekly, monthly, quarterly and annual basis leads to better awareness of changing patterns of customer behaviour and preference.
CLEAR VIEW - USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL SPACE
IN TODAY’S COMPETITIVE MARKET, RETAIL PROPERTY INVESTORS MUST WORK IN CLOSE
PARTNERSHIP WITH THEIR TENANTS. See why. Download: Future Collaboration: the
new imperative for retail property investors
DOWNLOAD
CLEAR VIEW - USING DASHBOARDS TO SHED LIGHT ON YOUR RETAIL SPACE
40+ years ofexperiance
Used byThousands
Offices around the world
Used in 70+countries
EuropeQube Global Software9 King StreetLondonEC2V 8EAUnited Kingdom+44 20 3861 7100
Westgate HouseWestgate HouseSleafordLincsNG34 7RJUnited Kingdom+44 20 3861 7100
North AmericaQube Global Software10 North High StreetSuite 110West Chester, PA, 19380United States of America+1 888 275 7823
Asia PacificQube Global Software1 Fullerton Road#02-01, One Fullerton049213Singapore+65 6832 5108
31/F, Tower One,Times Square1 Matheson StreetHong Kong+852 3960 6425
Level 1, 201 Maunganui RoadMount MaunganuiNew Zealand+64 7 575 6474
Wellington Business ParkDukes RideCrowthorneBerkshire, RG45 6LSUnited Kingdom+44 20 3861 7100
Cashelmore Ltd.Ireland
www.qubeglobal.com