Retail property owner-operators are tapping new technologies and strategies to attract shoppers and refining the way their centers are designed and operated. CBRE explores four innovations to increase retail sales and operational efficiency:
1. Site Build-Out: An increase in shopping and food ordering via mobile apps is prompting more dedicated exterior space for drive-thru lanes and curbside pick-up spots. “Geofencing” technology can automatically alert retailers that customers have arrived on property to pick up their orders.
2. Energy: With rising energy prices and a desire to reduce carbon emissions, retail property owners are embracing 5G-enabled technologies—from building automation to smart thermostats, plugs, lights and glass—to reduce power consumption by as much as 60%.
3. Engagement: Retail property owners are creating immersive multi-channel experiences for shoppers, using on-site Wi-Fi connections, facial recognition, augmented reality and other technologies to provide wayfinding, targeted offers and other promotions via smartphones and on-site video screens.
4. The Metaverse: Investors are buying virtual land in “digital communities” to develop into shopping districts with storefronts available for rent. While the metaverse retailing concept is still unproven, its relatively low cost is attracting some early investors hoping to capitalize on a potentially hot trend.