Why are some shopping malls floundering and others thriving? According to top REITs and premier property owners Cadillac Fairview and Simon Property Group, success is driven by a strong brand strategy and exceptional guest experiences.
Leading retail REIT and Mappedin customer Cadillac Fairview operates a $28B portfolio of premiere retail properties including CF Toronto Eaton Centre, CF Rideau Centre, CF Pacific Centre among many others, has created a unified prestige shopping experience for its guests by using a centralized brand approach, “CF”.
No longer using separate marketing teams for each mall and turning to a consolidated group of roughly 55 marketers, Cadillac Fairview’s branding has become unified and the company’s brand now recognized as something “more” than an operator of single mall locations. Cadillac Fairview’s brand strategy has created a new perception in the eyes of consumers. When shoppers see “CF” they know they will enjoy a great, highly personal shopping experience.
Jason Anderson, Cadillac Fairview’s Senior Vice President of Marketing, a former marketer for Xbox and Microsoft, offers up his rationale for the integrated brand strategy as a means of competitive differentiation. Says Anderson, “We took the position about 10 years ago that e-commerce wasn’t going to kill all shopping centres, it was just going to kill the weak ones.”
Mappedin customer Simon Property Group is another premiere REIT that continues to thrive in direct contrast to other mall properties thanks to a strong investment in branding, new retail concepts and experiential, omni-channel retail. The company is investing $1B annually in mall renovations. Simon Property Group’s new King of Prussia Mall in Philadelphia employs a diversified strategy, intermingling traditional retail with residential, office space and hotels.
Simon regional Malls, Mills, and Premium Outlets also offer guests efficient turn-by-turn navigation, Web-based 3D digital maps and in-mall digital directories, powered by Mappedin, to allow shoppers to easily search, discover, and navigate Simon properties.
According to global consulting firm McKinsey here are three strategies REITs and mall property owners should consider in order to create differentiation:
1. A consumer journey focused on experience and convenience:
Mall as the new “downtown” i.e. dining and events to make the mall the “hub” of the community
2. Transforming the mall experience through the use of technology and multi-channel strategies:
Use of technology to improve customer satisfaction through elimination of pain points and elements of delight to take the shopping experience to the “next level”
3. Exploration of new formats and commercial real estate opportunities:
Differentiated structures such as open-air malls, incorporating environmental sustainability, creating more public space
Are you following in the footsteps of premiere property owners and investing to create a stronger brand? Download our free eBook today, entitled “Re-Inventing Retail” for more on the shift toward centralized and experiential brands.
Mappedin provides REITs and retailers with the ability to make their properties searchable and discoverable - indoors. Its software platform is helping to change the way of retail by providing tools to manage dynamic indoor information and build meaningful wayfinding experiences.
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