5 key performance indicators (KPIs) for successful shopping center management
The right way to handle information
In the management of shopping centers, a lot of different information comes together. The large amount of data from a variety of data sources can quickly lead to a veritable flood. In order not to lose the overview in this flood of data, it is important to keep a constant eye on the most important key performance indicators (KPIs). To do this, it is essential to collect all relevant information centrally in the first step. This can be done, for example, with an industry-specific software solution for retail companies, such as 365.retail.
To obtain meaningful KPIs in the next step, the collected data must be analyzed and evaluated. This is achieved by using Business Intelligence solutions such as Microsoft Power BI. In this way, customer data as well as internal company data are brought together and linked with each other. If you follow this approach in shopping center management, you will gain meaningful insights into customers, tenants and the success of your shopping destination.
Meaningful results with the right KPI’s
As we know, every company has the possibility to measure its success with different key figures. Which indicators these are, depends on the individual company. Thus, there are also performance indicators in the retail and shopping center industry that are of particularly high relevance for measuring success. In the following, we would like to present five KPI’s that you should always keep in mind in order to remain successful with your shopping center in the long term.
1. sales growth
Certainly, you already have an eye on how much turnover your shopping center generates. To get more out of the sales figures, you need to compare and evaluate them. The best way to do this is to make annual comparisons. If you have clearly compared your sales year by year and month by month, you can judge briefly whether your results are satisfactory or whether you need to intensify your efforts.
2. tenant fluctuation
Finding a replacement tenant for empty retail space can cost many times more than extending an existing lease. Therefore, it is important to track tenant turnover to measure the sustainability of your shopping mall. If your analyses show that the fluctuation rate is higher than expected, you can identify the reasons for this and counteract the problem in good time.
3. visitor frequency
Measuring visitor frequency via Footfall is an effective way to gain deeper insights into your customers’ behavior. Knowing the hourly, daily and weekly visitor numbers of your shopping center can give you an advantage. With this knowledge you can take full use of peak times, convert visitors into customers and ultimately optimize store performance.
For optimal evaluation, the results of your visitor counting system can be directly integrated into the 365.retail shopping center software and thus analyzed in conjunction with other data.
4. sales of the individual stores
Another meaningful key figure is the monthly turnover generated by the individual stores or brands in your shopping center. By continuously analyzing and comparing the sales figures of the individual brands, you can quickly identify which of your tenants make the greatest contribution to the success of your shopping destination. In addition, these results support you in the selection of new tenants.
5. weather data
The weather not only has a great influence on the mood, but also on the buying behavior of your customers. If you measure the weather data of your location and compare it with visitor frequency and sales, you will quickly see how different weather conditions affect consumers. This provides you with valuable information for future marketing activities.
365.retail – the most important key figures at a glance
365.retail is an industry-specific software solution that has been specially developed for use in shopping center management. Through the direct connection to the analysis platform Microsoft Power BI, user-friendly tools are available to you, which help you to collect, specifically evaluate and clearly display supported data. Thus, you can create interactive reports and evaluations which help you to make strategic decisions and optimize your shopping center management. In addition, 365.retail offers you clear and individually configurable dashboards, with which you can keep an eye on your most important key figures on a daily basis.