How AI will impact Retail Real Estate – A Perspective | ANTONY SLUMBERS
Artificial Intelligence will challenge investors understanding of Retail
Technology has changed the customer decision journey, noticed jointly by McKinsey and the BoF. Advanced technology or in other words the impact of AI in Retail and consequently in Retail Real Estate will be transformational.
Customers expectation have been constantly raised by tech companies. Not to fail retailers have to meet the expectations on customer experiences.
Artificial intelligence makes the customer journey visible. As a result retailers and landlords get an understanding how to improve customer experiences. AI-Platform technology for brick-and-mortar retail like placer.ai provides solutions.
It is not the technology – essentially it is the business model enabled by digital technology.
In conclusion for real estate investors in the digital age is it immanent to understand the retail business in-depth and provide real estate as service.
So what is the impact of AI in Retail Real Estate and does it mean for investors?
Recently there has been much talk of a ‘Retail Apocalypse’, with millions of square feet of retail space shuttering and the demise of many long term household names. The US and UK have been particularly heavily affected but the impact has been felt widely across the developed world.