Grosvenor links with True on social shopping innovation hunt
Property giant Grosvenor has launched an interesting project with the firm unveiling “an innovation challenge seeking to find new technologies and partners that are putting customer experience at the heart of bricks and mortar retail”.
It has partnered with innovation-focused investment specialist True in looking for start-up businesses “to deliver more vibrant in-store shopping experiences, increase visitor dwell time and drive footfall across our retail and leisure destinations internationally”.
The company owns vast tracts of land in key area like London’s Mayfair, as well as the Liverpool One mall and multiple international properties. It said that in its core British market, it’s “working to redefine the relationship between property owners and occupiers, based on a model of mutual success”.
That continues work already in place and since 2020, it has added innovative new services “to address pain points for occupiers”, including the Tenant Investment Fund and flexible, simplified lease structures “at a critical time for physical retailers”.
Through its recent partnership with retail tech start-up NearSt it’s also “turned online shoppers into in-store customers through a pilot in Mayfair and Belgravia – our first direct investment into the tech sector”.
And now it’s diving deeper into tech with this new move that’s “hoping to find innovators and businesses who are disrupting the market and building interventions to improve customer experience while also driving success for retail tenants”.
So what concepts will qualify? The judges will be looking for solutions that are social, and/or personalised, interactive, convenient, enjoyable, secure and transactional.
Craig O’Donnell, Group Innovation Director, said: “We’re very excited to launch this Innovation Challenge to aid retail recovery post-pandemic. In Mayfair and Belgravia alone, we support around 500 retail and hospitality companies, the majority of which are independents. Understanding current and future retail trends and anticipating customer need will be crucial to the success of the places we serve and so I’m looking forward to seeing the solutions this challenge brings about.”
And True’s MD Mike Tattersall added: “Grosvenor are reimagining the tenant landlord relationship and helping businesses to grow and diversify post-pandemic. By understanding the technology and partnerships available to them in the retail space, they can pioneer change and enable their retail tenants to thrive. We’re excited to work with a forward-thinking partner that wants to break the mould and support the industry by embracing innovation.”
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