While the triple threat of rising costs, declining sales, and rises in e-commerce loom overhead, retailers have learned to adjust to the status quo and ensure balance through improvements in supply chain procedures and utilising big data to provide more personalised services to clients. Technologies such as digital catalogues are now frequently used to complement storefront awareness among the public.
At a recent investor roundtable session in London, D. John Miller, CEO and founder of DJM, commented: “Shopping centres in the U.S., as well as the retail industry as a whole, contribute greatly to the GDP of the country and provide much of our overall workforce. As such, investing in shopping centres and retail remains vital for the economy. Shopping centres often fluctuate in revenue generation, as their income depends on many often volatile factors such as changes in interest rates, mortgage schemes, and even simply inter-generational changes in shopping habits.”
He added, “In our portfolio, we’ve increased footfall to our centres by focusing on enhancing the actual physical shopping experience. We’ve accomplished this by offering a mix of different elements - events, activities, and shows. We modify the physical landscape and incorporate the natural surroundings of centres to make it more visually appealing and eye-catching. We showcase that the centre itself is ‘useful’ — it serves more than a simple avenue to shop at, and is a vital addition to a certain type of lifestyle.”
DJM has witnessed a substantial increase in retail spaces. The company operates by acquiring distressed and underperforming centres on the U.S. West Coast, and transforms properties through their numerous decades of experience in the field. DJM is involved with the overall development, construction, building, and management of shopping centres, curating a better experience for customers.