In terms of electronics and retail real estate, it's clear you gotta have friends. Just ask General Growth Properties, which is announcing and expanding partnerships on a couple of fronts, tech-wise.
Electronic coupons are going year-round and portfoliowide at GGP, which has announced a partnership with RetailMeNot, the world's largest digital coupon marketplace, to provide e-coupons across its 120 properties. They include some of the best-known projects in the United States, such as Ala Moana Center in Honolulu, Water Tower Place in Chicago, Tysons Galleria in metro Washington, DC, and Staten Island Mall in New York City, several of which are decidedly upscale.
For GGP, the deal should help increase mall traffic and store sales as RetailMeNot users get quick notification of sales and promotions once they're within a certain radius of the centers. (It's also a lot more discreet and image-enhancing than newspaper circulars.) This can make brick-and-mortar more competitive with online sales, according to a RetailMeNot survey conducted by Forrester Research, which says a composite retailer implementing the coupon company's In-Store program saw a 631 percent return on investment over three years.
The deal also allows RetailMeNot to test new in-mall marketing formats and technology.
"In 2013, RetailMeNot simultaneously supported consumers' savings needs and retailers' brick-and-mortar sales objectives through in-mall marketing during the holiday shopping season in numerous markets across the U.S. We know in-mall marketing helped RetailMeNot continue to build its brand awareness and introduce a larger segment of U.S. shoppers to RetailMeNot's free coupon app for iPhone and Android users," said Jill Balis, senior vice president, marketing, RetailMeNot in the announcement. "Our strategic partnership with GGP will raise RetailMeNot's profile year-round in premier shopping malls where deal seeking consumers are looking for ways to shop smart and save. We believe this partnership will also drive significant value for GGP's tenant retailers who utilize RetailMeNot to increase foot traffic and in-store sales."
GGP's been busy on the partnership front: in an update to a previous post, GGP is announcing other partnerships, too, including expanding its partnership with Tesla by installing another Supercharger station at Hamilton (NJ) Marketplace, the third state where GGP has a Tesla station. Several more are expected by year-end.
Now let's see if the tech produces what it promises.
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