Strategies for Retail Success by Lauren Ball of Westwood

LAS VEGAS — In today’s retail environment, the need for personalized customer experiences is growing. This sentiment is emphasized by Lauren Ball, chief operating officer of Westwood Financial, who previously served as vice president of leasing and now leads the leasing team.

During a recent Q&A session with ICSC in Las Vegas, Ball discusses key retail trends such as sustainability initiatives, moving toward seamless e-commerce integration, dealing with inflation and other critical industry developments.

GlobeSt.com: What factors have the greatest impact on CRE today and how do you think retailers are mitigating the problems?

Lauren Ball: Inflation and interest rates are the main concerns of the industry. The rising cost of capital and potential constraints on capital availability are impacting commercial real estate development. Rising capital costs are reducing investor returns and hampering growth investments, resulting in record occupancy levels across the United States. At the same time, inflation and rising labor and raw material costs are reducing consumer spending and retailer margins, which limits what retailers can pay in rent. We have a strong balance sheet with access to significant capital and remain focused on acquiring and operating fundamentally well-located shopping centers where best-in-class retailers need to operate in any economic environment.

GlobeSt.com: What trends do you see in retail and are you paying attention to in the coming year?

Ball: As we look at the retail landscape in the coming year, several trends catch our eye. One of the main trends is the increasing integration of technology into the in-store experience. We see more and more retailers using artificial intelligence, dynamic signage and augmented/virtual reality technologies to improve the customer experience in their physical stores.

Another significant trend is the continued push for better e-commerce integration. This is all to ensure a seamless transition between online and in-person experiences. Take, for example, one of our key partners in the grocery sector, Kroger. Their CEO highlighted that a staggering 90% of customers who deliver and pick up their groceries also shop in-store. This success is largely due to their seamless integration across desktop, digital and mobile channels. They have developed an app that not only customizes coupons, but also stores shopping lists and makes it easy to deliver missing items through the Boost membership program.

GlobeSt.com: Are retailers seeing different goals these days?

Ball: Sustainability is a major focus for retailers today. There is an increasing emphasis on adopting eco-friendly practices and offering sustainable products to meet the demands of eco-conscious consumers.

Finally, personalized customer experiences are becoming increasingly important. Consumers expect tailored interactions from retailers, whether through personalized recommendations, targeted promotions or personalized shopping experiences both online and in-store. The idea is to make the shopping experience more relevant and engaging for every customer.

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