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Turning to Tech to Predict Retail Tenant's Needs, Target Deal Opps

LAS VEGAS—In the competitive retail market, retailer owners are embracing technology to more quickly identify and respond to tenant demand fluctuations, says one ICSC RECon attendee in this EXCLUSIVE interview.

By Natalie Dolce | nataliedolce | | Updated on May 25, 2016
Nick Romito, CEO of VTS. Nick Romito, CEO of VTS.
LAS VEGAS—Today, retailers use a plethora of technologies to predict buyers’ needs and target consumers. That is according to Nick Romito , CEO of VTS . The ICSC RECon attendee chatted with GlobeSt.com about an example where many retailers harness data platforms to forecast consumer demand and run targeted promotions. “Now we’re seeing the same trend in retail real estate, with retail owners turning to technology to predict tenant needs and target deal opportunities.” Interestingly, he says, the same factors that ignited this trend among retailers is driving the trend within retail real estate. Growing access to data is one of these factors, he explains. “Once retailers gained access to rich data sources, such as social and weather data, they started leveraging data analytics platforms to better predict store traffic and run targeted ad campaigns,” says Romito. “Now with retail owners gaining access to similarly useful data, retailer owners can more accurately forecast tenant demand and target the right deals.” VTS, for example, just launched VTS Retail, which lets retail owners analyze data, including market data integrated into the VTS platform and the owner’s own leasing data, to better predict tenant demand and maximize deal opportunities, he tells GlobeSt.com. The second factor driving this trend is growing awareness that data analytics are necessary to get ahead, he continues. “In the competitive retail market, retailer owners are embracing technology to more quickly identify and respond to tenant demand fluctuations. Change is the new normal, and retail owners are recognizing that technology is the only way to maintain an advantage in this environment.”

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