Who could have anticipated that life as we knew it was going to change dramatically in 2020? We have recently witnessed global issues that had a strong and sudden impact in economics, trade, politics and even community behaviours. In a globalised world where all industries and communities are connected, it is no longer possible to trust old information. New and constantly updated data are essential to make the right decisions.
The commercial real estate industry is no exception to this rule. Property owners, investors and developers need regularly to make decisions on retail locations, expansion plans, retailer proposals, refurbishments and so on. Having time sensitive data available has never been more important, since it allows them to get insights from past and current projects.
HAVING TIME SENSITIVE DATA AVAILABLE HAS NEVER BEEN MORE IMPORTANT
Retailers are also affected by abrupt trends. Consumer behaviour has radically changed in the last years mostly based on the online shopping shift. As we have already discussed, shopping centres are no longer places to purchase goods, but have transformed into special experiences for customers. Through this diversification, new opportunities are also arising, such as specialty leasing and short-term spaces.
In this scenario, big data emerges as a natural solution. Big data is a great quantity of diverse information that arrives in increasing volumes and with ever-higher velocity. Nearly every industry can leverage findings from big data analysis. In the case of CRE, useful collected data could include local and national statistics, regional forecasts, corporate trends, local consumer behaviour, online market penetration, market shares, purchasing power level, and more.
BIG DATA EMERGES AS A NATURAL SOLUTION
Yet, handling all that information is always challenging. This is where digital solutions and proptech partners come in, by means of software specifically designed to handle large, complex data sets. Availability of data on customers (and potential customers) should allow landlords and investors to better tailor their proposals and marketing efforts in order to create a high level of satisfaction and efficiency. Collecting a large amount of data brings the opportunity to conduct more thorough and in-depth analysis to benefit all stakeholders.
Digital transformation now allows you to make well-informed and sustainable location decisions. Even though it is always necessary to cut through the noise, reliable data and detailed analyses can certainly make the difference. How are you taking important decisions at present?
