Managing Your Real Estate: Technology Do’s and Don’ts

DO embrace technology: It can show you what you need BEFORE you set your feet on the ground. Google Earth/Street view can give you a sense of the macro-features, but remember that these online technologies can be six to 12 months out of date.

DO get a solid read on pedestrian traffic counts: Retailers thrive on quantity and quality of traffic. Technology exists to place traffic counters (passive devices) on properties to get not only the body count but also to identify the busiest hours, busiest days of the week and more.

DO measure space: Be sure your store planners and architects are embracing all the latest technologies to measure spaces and confirm the square footages. Some older urban structures may never have had plans converted to CAD, and sometimes measurements enter the realm (inadvertently) of art, not science. Technology will ensure mistakes aren’t inadvertently made.

DO keep people on their toes: The latest tool today could be obsolete by the time you look at your next deal. Challenge everyone working on your real estate requirements, in-house as well as outside providers, to stay current. Just as clothing fashions change, information-gathering techniques and construction techniques do as well. Keep everyone on their toes!

DON’T forget to pick up the phone and talk: For seeking new street locations, nothing is better than having your retail management team actually talk to the staff of other retailers already operating on the street, or in the market, to find out the inside scoop on the shoppers. What are the busy days? Any unusual shopping patterns?