For the past 3 ½ years, Lewis Retail Centers has been working with Placer.ai to gain visibility and a better understanding of our customers, how they interact with our retailers, and where they are coming from. In the past, when someone would come to our shopping center, we had no insight on where they came from, how much traffic there is, or what the demographics of those shoppers were. Now, thanks to the location analytic insights that Placer provides us, we are able to make marketing and tenant decisions based on solid real-world data.
Placer.ai is a tool that provides everyone access to large-scale consumer behavior. They are on a mission to provide consumer movement data that has transformed the way we do business. Placer not only provides us with information on how our shopping centers are performing, but also how well our competitors perform. For example, if we see that traffic is declining at one of our shopping centers, but is up for a shopping center down the street we can do something with that information. Maybe that shopping center across the street just opened up a new grocery store that the community is excited about, which means we may need to reassess our tenant mix.
Another resource that Placer provides is a void analysis tool which immediately analyzes thousands of potential tenants to provide us with the information we need. If we have a vacancy in a shopping center, with the help of Placer, we can leverage a variety of key metrics to make a knowledgeable decision on which potential tenant would be successful in that vacant space. We are excited to see the retail real estate industry utilizing technology to make informed decisions and look forward to another successful year working with this incredible data.
