Retail is in the midst of a significant transition.
Victor Gruen, the man responsible for creating the first-ever, modern shopping mall in 1956, intended retail establishments to be a safe, neutral, public space outside of one’s home that offered a place to participate in modern community life.
Fast-forward a few decades and there’s no denying that a shift is happening from what Gruen imagined as “The American Mall”. So it’s no wonder investors and developers are re-evaluating all things retail.
As an example, The Domain in Austin, Texas has been executed as a full-service living space, with apartments and condos, offices, park-like spaces, restaurants, bars, and retail spaces. Despite the growing presence of online retailers, The Domain and similar concepts are some of the most productive in sales-per-square-foot among other retail properties.
What does this mean for retailers? Well, as the traditional brick-and-mortar concept transitions, retailers are paying closer attention and making strategic decisions about where they locate stores to access the foot traffic that had sustained the traditional mall.
Retailers and developers are changing the metrics used to select sites for relocation, consolidation, and new store builds. Further, each new retail construction project needs rigorous risk mitigation and oversight to ensure projects are on-time and on-budget and investments in an uncertain market yield ROI. These construction projects can be time-consuming, expensive, and often, without the correct solution, a tedious undertaking.
Accruent’s construction project management solution, Expesite, has a legacy of supporting on-time and on-budget construction projects, which yield opportunities to optimize FTE investment, reducing costs.
In fact, Expesite’s mobile app simplifies the complexity of a retail construction project. As retailers transition to more selective investment standards, mobile simplifies and drives real-time decisions while providing real-time updates from the field, increasing efficiency, and minimizing cost to your retail business.
With dedicated support for retailers, managing a distributed portfolio of real estate projects in a complex market becomes less of an undertaking and more of a quality investment – something that retailers and developers will appreciate during retail’s (ongoing) transition.
Check out the video below to see what Expesite mobile can do for you.