As online shopping is grabbing consumer focus with lucrative deals, retail REITs are embracing technologies and joining the bandwagon. Simon Property Group, Inc. (NYSE: SPG) disclosed its partnership with elevate DIGITAL to launch interactive “digital concierge” network in a number of its U.S. shopping centers.
Through this partnership with
elevate DIGITAL – the developer of engaging interactive digital technology – Simon Property plans to enhance its shoppers experience at its properties. The service provides way-finding solutions, retailer offers, interactive applications, digital advertising and connections to social and mobile platforms, and thereby access to information.
In recent times, Simon Property has taken initiatives like re-launching its brand and marketing programs as well as installing Electric Vehicle at its shopping centers. These efforts are expected to strengthen its relationship with customers and tenants, and drive traffic.
Moreover, the recent spin-off of Washington Prime Group is expected to help the company increase utilization of resources for expanding its global portfolio of larger malls, mills and premium outlets and effectively leverage on the improving spending habits of wealthier customers with the economy showing signs of recovery.
However, Simon Property is not the only retail REIT making efforts to lure more customers and their dollars. In April, RetailMeNot, Inc. (NASDAQ: SALE) entered into a deal with General Growth Properties, Inc. (NYSE: GGP) for digital coupon facilities across its properties while last year The Macerich Company (NYSE: MAC) along with Simon Property and General Growth Properties partnered with Deliv to roll out same delivery facilities.
We believe that these efforts by the retail REITs are prudent as their ultimate aim is to increase traffic at their properties and see higher demand for their space. And this could be achieved only when customer preference for a one-stop shopping, dining, entertainment experience along with same day home delivery of purchases are all met.
Simon Property currently carries a Zacks Rank #3 (Hold).
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