Innovation of the Week: Retail tech platform and footfall providers create new analytics for retail destinations

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Innovation of the Week is a series highlighting retail initiatives that have caught the eye of our team. Every week, we bring you new ideas and case studies across consumer, technology, sustainability, economy, policy and industry.

What is it?

Tech platform for management of retail property, Kinexio, and three footfall providers, PFM Intelligence, Sensormatic, and Axper, have partnered to create a new data and analytics platform for retail and mixed-use destinations.

Kinexio already operates an AI-platform for landlords to collect and analyse data from retail sales in real-time. The new partnership allows landlords to not only receive sales data, but overlay footfall data.

The idea is to support a potential shift where leasing and rents may be determined by data and performance.

Why does it matter?

By combining sales and footfall data, landlords can get a better understanding of dwell time and visitor behaviour and how that could convert to sales.

This could help shape leasing and asset management, and with the UK government proposing to ban upward-only rent reviews, Kinexio says this data-forward approach of real-time sales, footfall data, and other operational metrics could be critical to establishing and adjusting the rental level rates.

The data gathered by Kinexio and the footfall providers can alert landlords, tenants, and management teams to which units are doing well, or not so well.

Landlords can work together with tenants to improve daily performance, adopt the right tenant mix, measure engagement of marketing activities and forecast footfall and sales based on historical trends.

The Kinexio platform has been used by over 2,200 commercial destinations globally to span over 85,000 retailers. Mall of America and Unibail-Rodamco-Westfield are just two users.

Strategic implications

Already used by retail destinations across the world, the partnership with Sensormatic, Axper and PFM Intelligence further strengthens Kinexio’s tech offering while giving asset managers more enhanced data.

The team at Kinexio told Retail Week that there is scope to be able to give enhanced analytics and data to the retailers in addition to landlords.

Kinexio data and insights director Mark Bruce said: “In my experience, the ability to identify, for example, poor performing tenants for early intervention can deliver 2% to 5% uplift in portfolio-wide sales and reduce tenant churn by up to 10%. These data sets can protect net operating income and longer-term asset value, which is game-changing.”

The platform provides an end-to-end solution to remove silos, improve operational efficiency, and provide unparalleled access to data and insights.