So landlords need to evolve into marketers?
That’s what we help them to do by arming their teams with information and data. What we want to do is populate all the digital touchpoints—website, email, SMS programs, loyalty programs and rewards. This helps center owners connect with their communities online and give them news about tenants. Done properly, they can send a text message to the 24-year-old male and let him know about the next big sneaker drop at Finish Line.
Not all retailers are willing to meld their marketing with the mall, right? So what do you see as the attitude retail brands should adopt in the physical space?
Making this successful has a lot to do with retailers. They should be looking to optimize the channel acquisition cost, and if the shopping center is willing to drive people through that acquisition path, it comes as no cost to them. It’s a service you get with your lease.
With mall owners like Centennial that want to make it possible for consumers to buy anything in a mall online, isn’t capturing all that inventory difficult?
Inventory accuracy is always tricky. Some retailers have an excellent handle on it, some no idea. When you mentioned it to retailers prior to the pandemic, you could feel the tension in the background. Now that’s going away. There was a time when no retailers had affiliate programs on their e-commerce sites and now they all do. It’s not the relationship retailers used to have with their landlords. This is a big change, but it’s just a matter of time.