There are many different types of shopping centers where retailers are trying to make a profit. No matter the type, the spaces are desirable because of the high shopper traffic, which means they’re more expensive too. This is a good reason to use heatmap analytics to maximize profit in shopping center retail spaces.
High Cost Retail Spaces
The average monthly cost to rent a shopping center retail space is around $800. There could be a smaller outdoor shopping center where rent is less, but the monthly cost is significant, especially, considering this is likely for 300-500 SF. We’ve all been to a shopping mall or two, and we’ve been in and out of the stores. The sizes vary from 300 SF to more like 20,000 SF at the large department stores on the ends of the indoor malls.
Basically, with the high cost of having a retail shop in a shopping center, owners need all the marketing prowess they can muster. Not only do they need to attract people into their stores, but also convert sales. Much of the foot traffic is coming from shoppers who didn’t specifically plan on visiting a certain store. This means, these are potential customers, marketed by the shopping center; creating loyal customers from this pool of visitors will make the high rent worth the cost.
Store Layout and Merchandise
What merchandise is the store selling, and what’s the customer’s “shopping experience” like? The customer’s “shopping experience” will be shaped by the atmosphere, customer service, music, displays, and products. Making this a good experience, which brings more value than just the product alone, is important for creating loyal customers.
Retail spaces, in shopping centers, are typically not very large, so owners should be trying to maximize every inch of their space. Part of this, of course, is what merchandise will be sold in the space? Knowing what the shoppers want, is knowledge every retail shop owner wants. This way, they could simply carry those products and covert sales over and over.
Heatmap Analytics Give Insights Into Customer Behavior
The PHeat – Heatmap Analytic product, from RetailFlux, is a tool retail stores can use to understand their customers’ behavior. This tool integrates easily with in-store CCTV cameras and computer systems. Users can manage the settings, data, and other tools from a central cloud-based dashboard interface, the RetailFlux Cloud Suite.
Owners will benefit in knowing not just how many shoppers visited day-to-day, but also: how many were passerbys, how many dwelt in the store, where did they dwell, and for how long. The map will show hot and cold zones, depicting the popular an unpopular areas of a store. There’s also tools owners can use to select certain areas to focus on, in order to dig up specific data for certain high traffic areas (like the check out area).
RetailFlux has created an in-store solution for retail businesses, which utilizes cloud-based technology. Retail businesses in shopping centers are paying expensive rents, so they need to maximize the space and capitalize on the shopper traffic the location brings. PHeat – Heatmap Analytic gives owners the ability to strategize their store’s layout and merchandise, in order to maximize profit.
The main benefit of renting a high-priced retail space in a shopping center is to benefit from all the shopper traffic. A healthy percentage of these shoppers need to be converted to loyal customers, or at least compulsive one-time shoppers. The intelligence gathered from heatmap analytics will help store owners accomplish these conversions. Please contact us to learn more.