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Commercialisation of Shopping Centres will gain momentum in 2013
Experts say Mall Promotions will have a big part to play in generating revenue & footfall for Ireland’s Shopping Centres.
Savills Ireland today have said that their overall revenue figures show a 3.01% growth in commercialisation revenue across their portfolio, which, they say, is very positive given the current climate. Challenging trading conditions have meant that commercialisation revenue is integral to the successful management of any retail scheme. The property experts say that when looking at the commercialisation of Ireland’s Shopping Centres and their performance, it is important to note that while there are schemes within the portfolio that are experiencing a marked decline in mall revenue figures, there are also schemes that are matching or outperforming 2012 revenue figures.
According to Nicola Cogan, the Commercialisation Manager for SMCR in Savills Ireland, “A well-managed commercialisation strategy is a valuable asset that can help property owners overcome some of the difficult challenges that lie ahead for the retail sector. Already this year we have noticed several key trends which we believe will gain even more momentum as the year progresses. Firstly, car dealerships and brands are realising how important shopping centres mall spaces are in terms of engaging directly with customers, increasing brand awareness and facilitating direct sales. A number of car companies have gone on to sell the actual cars on display to customers visiting the mall! Some of the brands that have been involved in these types of promos over the last 12months are, BMW, Renault, Hyundai, Audi Opel, Volvo, Nissan and Citroen”.
“We found that Mall Promotions, especially those at Mahon Point Shopping Centre in Cork, to be extremely valuable to us, in bringing our product to market and engaging with our customers”, Bill Keary, Kearys of Cork.
In addition, Savills say that food and drink promotions have been particularly innovative and engaging and often tie in with events such as the Olympics/Christmas. Savills Ireland contend that whilst mall promotions generate valuable revenue streams, particularly innovative mall promotions can certainly add to the retail mix a scheme has to offer and enhance footfall figures.
Examples of successful promotions rolled-out recently by Savills Ireland include:
- Lindt Chocolate Ireland went on the road during December, and created a Christmas pop up shop in Mahon Point Shopping Centre, which catered for customer’s festive chocolate needs!
- The Coca Cola Christmas Truck also visited Mahon Point Shopping Centre during December to share a little seasonal happiness. Delighted customers had their photo taken with the Coca Cola Christmas Truck while sipping on a perfectly chilled can of Coca Cola.
“Having a Pop Up Shop concept in a shopping centre is extremely beneficial for a number of reasons – it provides a welcome boost to seasonal sales, increases the opportunity for consumers to interact with your brand, and it also allows brands who don’t operate in retail to understand the consumer reaction to their brand in a retail format. These learnings are invaluable”, Mariead Garvan, Marketing Manager at Lindt.