Spatial.ai was featured in a Commercial Observer article on how shopping centers are using Geosocial data and location intelligence to improve customer experience and make leasing decisions.
From Commercial Observer:
Brands and mall owners can no longer afford to make expensive mistakes, such as leasing to a retail tenant that won’t get foot traffic or opening up a location that will fail, and the new technology can help them get a sense of what will work beforehand, said Griffin Morris, the founder of Spatial.ai which scours social media posts to better understand nearby shoppers’ interests.
“It shows you what kind of tenants you should be going after,” Morris said. “When things are tough, you need to make better decisions.”
For years, mall owners and stores relied solely on demographic data—like population and income levels—in nearby zip codes to figure out where to open a new location or the tenant mix of a shopping center.
Morris added that census data can get outdated very quickly and might not reflect the current make-up of a neighborhood or who travels through one daily.
“It’s a way to actually anticipate a direction of how a market is heading,” he said. “Unlike census data, which [is only] updated every 10 years.”
The data can help in myriad ways including figuring out the tenant make-up of a property, if an owner should renew a store’s lease or if a retailer should open up a new outpost.
Spatial.ai started a push in January to release data sets from the 8 billion social media posts it analyzes from sites like Facebook, Twitter and Instagram for retailers, mall owners and restaurants.
“It unlocks a whole new dimension for understanding your customer,” Morris said. “Companies are looking for innovation and they’re open to new ideas.”
The article also highlighted how some sources of location intelligence are creating privacy concerns. Spatial.ai has proactively avoided tracking user information, as noted in the article:
Morris said Spatial.ai simply decided to stay out of the debate because it only collects public posts made on Twitter and Facebook tagged to specific locations and doesn’t store anything but the content.
“There are billions of data points on social media that are all publicly available and have a location,” he said. “We’re not doing anything or storing any user data. [With location data] it can be difficult to see what’s okay to share and what’s not, so we stay pretty far away.”
To learn more about Geosocial data check out The Essential Guide to Geosocial Data.