About this Episode:
In this episode, Kat is joined by Tama Shor, President of the Directory of Major Malls/ShoppingCenters.com, and Keith Seard, Director of Business Operations & Strategy at B. I. Spatial. Tama reveals the key to organically sourcing retail properties for more than 35 years and discusses how shopping centers have changed and are continuing to do so over time. Meanwhile, Keith discusses why personalization is important for customer growth and retention, the do’s and don’ts with data, and the future of retail.
President of the Directory of Major Malls / ShoppingCenters.com
Director of Business Operations & Strategy at B. I. Spatial
- 7:10 - 8:03 The Pandemic Created a Need for More Data – The pandemic has brought on a lot of shifts, creating the need to use more data to answer questions we didn’t need to look at pre-pandemic.
- 20:08 - 21:15 Everyone Needs Data when it comes to Retail – All parties involved in a new project from those leasing a property to building a new property, to the people renovating and financing it need to understand the data on an ongoing basis.
- 27:40 - 29:02 Chaos Brings Opportunity – Retail centers across the spectrum are going to need to reshape themselves, and rebrand who they are after the pandemic in order to keep up with constantly shifting consumer behavior– making data table stakes.
- 35:27 - 40:33 Have the Right Data for Strategic Business Decisions and ROI – There are many dimensions and data sets needed to make the most robust business decisions including mobile data, human movement data, segmentation data, as well as customer behavior, among many other data sets in order to maximize ROI.
- 45:03 - 47:58 Data Dos and Data Don’t – Not all data is created equally, and thinking it is can be the biggest challenge and roadblock to success. Get the largest data sample size that you can, and make sure you understand it to ensure you're going in the right direction.