Will Amazon Change Traditional Retail?

Late last week, The Wall Street Journal reported that Amazon will be opening a store in New York City. This location will be open in time for the holiday-shopping season in an attempt to capture some of the millions of dollars in revenue generated during the colder months. It is still unclear what type of store it will be, however – a hub for online orders? A traditional retail store for the company’s Fire phones? Either way this move speaks volumes about the way retail is trending. 

We have long been told that online shopping is the way of the future and would be the demise of traditional retailers. Since these reports surfaced we have seen companies innovate their purchasing process to make sure that the internet wouldn’t be a death sentence to brick-and-mortar stores. Many retailers now offer “in-store pickup” or “free site-to-store” shipping to entice customers to explore their physical locations. Now with one of the largest online retailers signing a lease for a store front, it seems traditional retail is no longer a “dying breed”.

While this is great for your properties, there are always updates to be made to accommodate large scale retailers! For example,  managing multiple tenants and their business requirements can affect your accounting best practices. With stores selling online but customers picking up in-store, how will your percent rent calculations be affected, for example? MRI Software’s Advanced Retail property management solution can create reports to accommodate your business practices as they grow with the industry. This means whatever makes the most sense for your property and your company you can report on it through our fully configurable system. Advanced Retail gives you the power to improve forecasting, tighten cost control, and increase staff productivity – while you gain superior control over your retail portfolio.

How is your organization planning on adapting to the retail industry’s latest trends?