LAS VEGAS—The retail and retail real estate industries are currently in a period of data-driven evolution, according to Mark Sigal, CEO of Datex Property Solutions. He tells GlobeSt.com that while the proptech sector was once a shiny and new frontier, the industry has since amassed a wealth of data on usage patterns and what works and what doesn't. In today's market, the focus is on proving that a solution can deliver as promised and be deployed on time.
Sigal is one of the many in attendance at this year's big ICSC Las Vegas event, which kicked off festivities last night, where he says that despite this shift towards more pragmatic thinking, there is still plenty of room for innovation in retail and retail real estate. He notes that retail is one of the most competitive segments of the economy and is always evolving. As a result, concepts and players must evolve rapidly or risk becoming obsolete.
The pandemic has further underscored the need for retailers to reassess their core business and develop thoughtful strategies for competition. As a result, the industry has emerged stronger and more differentiated than ever.
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Real estate, however, has historically been slow to adopt technology. While most companies have now implemented modern accounting and property management systems, there is still plenty of room for improvement. The industry is now embracing a more holistic approach to data, process, and metrics for success, leading to "systems thinking" and all the benefits that come with it.
The next 20 years will be dominated by artificial intelligence (AI), which has the potential to revolutionize everything from product design to customer care. Sigal advises businesses to take baby steps, focus on small wins, and iterate. Even though AI may seem like magic, it is already beginning to transform the retail and real estate industries, as evidenced by the emergence of driverless taxis in San Francisco.
Stay tuned for more coverage from ICSC Las Vegas as we talk to attendees, cover panels and more.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
