Dataanalytics,nolongerahardsellforretail

 

Episode summary

As the Head of Asset Management for the Retail Division at Attacq, Michael has had to face many disruptions over the last six months with regards to his large property portfolio — the crown jewel being the Mall of Africa. As with all retailers, all properties had to be prepared for lockdown, from being hygienically compliant to deciding who will be able to trade and who won’t. As the lockdown levels were adjusted, so too were the restrictions that had to be adhered to.

Retailers have had loyalty cards and access to databases for some time, allowing them to understand their customers, just as banks have access to spending patterns. As landlords, it’s been a journey of discovery in understanding the potential that data has, and a game of catch up which they’ve had to rapidly adapt to. Much knowledge has been gained around businesses and customer behaviour, giving them plenty of insights to use as things begin to normalise. Attacq uses Wi-Fi networks as tracking devices throughout their properties. They were quickly able to assess people’s movements at the malls and could ascertain that local community centres were very well supported, but that super regionals such as Sandton and the Mall of Africa were worst affected. The great part about using data and analytics was that assumptions were no longer being made — they could clearly see where customers were going, whether they were looking at technical products and winter clothes for example, or heading straight out after purchasing only what they required. This valuable information was then taken on board and their marketing strategies adjusted to cater for these changes in behavioural patterns.

Attacq fully supports a data-driven approach in the world of development and property, Michael believes that those with the experience should embrace data and analytics as far as they possibly can, not only to reinforce their gut feelings, but to help them make better and more calculated decisions going into the future.