The Placemaking Industry is gearing up to face a dynamic landscape marked by several significant economical challenges and technological opportunities in 2024. One of the primary challenges involves effectively integrating rapidly evolving technologies, especially in accurately predicting and adapting to the ever-changing consumer preferences and market trends. In 2024, the ability to collect and leverage data for predictive insights will play a pivotal role, enabling data-driven decision-making and dynamic adjustments to meet evolving consumer demands.
The integration of cutting-edge technologies like Artificial Intelligence (AI) and Machine Learning (ML) ushers in unprecedented opportunities across various domains within the Placemaking Industry. These transformative technologies open doors to remarkable advancements in personalization, sustainability practices, dynamic rent models, and the precision of predictive forecasting just to name a few domains. For example, our mall management platform stands at the forefront of this technological revolution. Through our AI-driven sales reporting, another key trend, we revolutionize the industry by ensuring the highest levels of predictive accuracy and data integrity, paving the way for a future where Placemaking is more agile, data-driven, and successful.
The fundamental change awaiting the Placemaking Industry is a shift towards exceptional agility and adaptability, driven by AI and ML. These technologies redefine how we empower tenants, enhance decision-making processes, and ensure the overall success of shopping malls. This transformation is not a fleeting trend, but a lasting change that will shape the industry’s future.
My recommendation is for industry stakeholders to embrace technologies that offer solutions with AI-driven and machine learning as indispensable tools for enhancing decision-making that contribute to improved performance and success. Prioritize data collection and analysis, invest in talent and technology, and foster collaboration among tenants, property owners, and technology providers. By doing so, we can collectively create vibrant, adaptive, and successful shopping destinations that meet the evolving needs of consumers.
Markus Porvari
Markus Porvari is President and CEO at HyperIn, and Member of the ACROSS Advisory Board.
