DATA AND ANALYTICS IN DECISION MAKING
Given the evolution and expansion in retailer demand, it is not surprising that the competitive tension to secure space has never been greater, reinforcing the need to act quickly and obtain first-mover advantage. As a result, retailers have fully appreciated and embraced the critical role of data and analytics in enabling faster, more informed decision-making. Detailed understanding of their customer base is essential to delivering on strategy. The growing use of AI has been transformative in mapping customer journeys and profiling target audiences based on demographics, interests, and behavioural signals. By leveraging internal data like purchase histories and online search behaviours, retailers can craft detailed customer personas, gaining deep insights into psychographics and social media habits. This enables the creation of hyper- targeted campaigns that drive higher engagement, boost conversion rates, and ultimately increase sales. Such technology is already being deployed. Louis Vuitton has developed an AI chatbot that delivers individualised fashion advice. Similarly, “Nike By You” allows for custom sneaker creation. Beauty and fashion brands have provided augmented reality technology to customers to allow virtual make up and jewellery testing.
Such personalisation, especially for global retailers, is essential so that products and campaigns resonate authentically in not just a few, but all markets. At the same time, data and analytics are driving more efficient, but also more detailed site selection strategies. Retailers are moving beyond traditional measures such as population density, foot traffic, and spending power to more granular analysis. Journey mapping offers invaluable insights into how shoppers navigate a space. When combined with data on dwell times, co-tenancy impacts, and brand alignment, it becomes a powerful tool for evaluating locations on the same or neighbouring streets, enabling retailers to strategically identify optimal sites. The fact that this can be done on a global scale allows retailers to evaluate cities and multiple locations in those cities simultaneously and then proceed with the best opportunities. Consequently, portfolio expansion is now about being in the right places rather than the most places. Furthermore, such multi-market analysis helps mitigate risk and provides clearer parameters within lease negotiations, which ultimately helps drive speed to market.
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CUSHMAN & WAKEFIELD
MAIN STREETS ACROSS THE WORLD 2025
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