MIPIM 2020: What is the real estate community saying about ‘future cities’?
The dawn of a new decade will always bring a certain symbolic significance to a gathering of minds in real estate, or any industry for that matter. In the case of MIPIM 2020, which is now fewer than 40 working days away, it’s a milestone moment to explore the macro trends that will shape the way humans interact with the built environment for years to come.
Understanding exactly what drives key conversations is paramount ahead of any major event – and this year we wanted to really get under the skin of one of the biggest topics of the year: ‘future cities’. At the forefront of future-city development is Egypt – which Innesco will be supporting at MIPIM for a second consecutive year. Responding to huge population growth, Egypt is developing ambitious masterplans for 15 new cities across the country. With a project of that scale comes a number of fascinating opportunities for the public and private sector.
Through a mass forensic analysis of the sector – the stories, discussion topics, hashtags and influencers that have emerged among the real estate investment community around the subject of future cities over the last three months – we uncovered key related themes that we can expect to guide some fascinating discussions, around Egypt and other future city projects showcased on the French Riviera in March.
Of all of the social media mentions of ‘future cities’ since October last year…
- 20% also mentioned ‘mobility solutions’
We can expect model cities of the future to be those most willing to contest a century of car-centricity, and refocus priorities towards quality of life. Within the last week we have seen more major progress being made in the ‘mobility revolution’ with Toyota announcing its plans for ‘Toyota Woven City’ and Hyundai and Uber teaming up to launch a prototype for a self-driving flying car, which could be available in some of the world’s most iconic cities from 2023. Of course, not all cities are in a position to implement flying car systems any time soon. However, no matter how close a city is to advanced mobility models, the public sector must begin laying the ground work for integrated mobility – mapping out what it might look like and how their cities might evolve in tandem to improve life for the people that live there. One city in particular has mobility solutions high up on its agenda – Oslo – another region which Innesco has represented at MIPIM for two years. Vowing to become the world’s first car-free city and by the end of 2019, it had taken several significant steps towards this goal. Now that cars have been removed from the streets, Oslo has the potential to become a testing ground for new solutions – and a model country for others wanting to take a similar route.
- 20% also mentioned ‘community engagement’
Our analysis revealed that a people-centric or ‘community’ approach to urban planning is central to any discussion around future cities. This calls into question methods for embracing new technologies, social media, collaborative design, community policy mapping and other innovations to overcome issues associated with increasingly crowded and complex urban conurbations. We’re keeping a close eye on MIPIM’s planned ‘Engaging citizens and communities for social purposes’ session at 16.30 on Wednesday 11th March, which should spark some interesting debate over the sector’s biggest issues regarding community engagement.
- 44% also mentioned ‘smart cities’
It should come as no surprise that ‘smart cities’ emerged as one of the most mentioned terms alongside ‘future cities’, with digitisation, big data, the internet of things, automation and AI providing the infrastructure for the sustainable, inclusive and fully integrated cities of the future. We anticipate that central to the discussion around smart cities at MIPI will be the convergence of machine and human learning in their development.
- 100% also mentioned ‘human’
City planning, strategies and innovative solutions are all very well, of course, but at the heart of it all is the humans who will be affected by it. The social aspect of real estate is ever so important, not least as both the population and rates of urbanisation are growing exponentially, placing heavy demands on the entire industry. In line with the official theme for this year’s 31st annual MIPIM – “The Future is Human” – we were thrilled to see that the social dimension of development is being recognised in the discourse, and that a human-centred, bottom-up approach, where people will be able to make choices according to their own preferences, is being taken.
This insight puts us in good stead to tackle MIPIM head on, with an informed and contextualised approach. We are excited to join the various discussions down in Cannes, and look forward to meeting you at MIPIM 2020.
That’s #RevoLiverpool2019 wrapped up
The stands are packed away. The business cards are all exchanged. The great and the good in property and retail have left Liverpool and returned to normality. Revo 2019 is over. It’s not all just branded yo-yos and free chocolate. Year-on-year there is a surfeit of insightful content in the conference programme with topics ranging from technology, through to distribution and logistics, and to the halo effect interaction between physical stores and online retail channels. So, aside from new friends and, perhaps, a slight hangover, what will we take away from Revo 2019?
We learned that having a digital presence and a physical store is an absolute must for retail players. It could be argued that the most dominant retail narrative of our time is that of a struggling high street and its supposedly doomed population of bricks and mortar shops.
Reports, articles and studies announced the death of the traditional retail store as a victim of progress. However, this well-worn narrative misunderstands the complex relationship between on and offline retailing. Market analysis from CACI, released during Revo, showed us that online sales are 106% higher within a store catchment. It means for every £1 spent online outside the store’s catchment there is just over £2 spent online inside it. Click and collect services and digital returns via shops further deepen the symbiosis. It would seem that stores have become an essential showroom for a digital purchase. This marriage of convenience set tongues wagging in Liverpool this week.
We learned of the rapid growth in the importance of tech. Walking around the hall you couldn’t fail to notice the prominence of innovating and exciting technology. Holographic billboards, customer banking analytics, and mobile monitoring of maintenance staff were all being demonstrated at this year’s Revo. Car park monitoring software seemed to be a hot topic, with several stands dedicated to data streamlining solutions for retailers and occupiers. The hypervision technology company, Encore Motions, caused a stir with its vivid examples of holographic product marketing for shops and shopping centres in a similar vein to billboards. The products are realised in 3D holograms, which are spun to give a 360-degree view of the item, and is managed through Encore Motions’ platform which then schedules media campaigns for the client. The mood at Revo was one of innovation and optimism. Where might retail as a sector be heading next?
We were also excited to be supporting Capital & Regional this year, who’s community strategy – operating assets as community hubs rather than mere shopping centres – signified a shift away from arbitrary asset management strategies towards a hyper-localised and customer-centric approach. Industry leaders were excited to get involved in the community movement, offering their heartfelt views on what community means to them. Check out @CapRegPLC’s social channels for key insights.
Also at Revo and supported by Innesco was Hines Ireland, showcasing its Cherrywood project, currently being developed in south Dublin and hailed as Ireland’s Future of Retail. Make sure to follow @CherrywoodTC on Twitter and LinkedIn for updates on
We were reminded that location and community are central to what we do. Revo itself underscores the importance of a sector coming together under one room to reflect on its course and what the horizon holds. The changing retail environment is driving and challenging us to be more creative, more considered, and to actively seek out innovative ways to deliver value for landlords, retailers and consumers. From Innesco’s experience at Revo Liverpool 2019, the future is a bright one.More
Fortwell Capital up for ‘Deal of the Year’ at 2019 RESI Awards
Fortwell Capital, a client of Innesco, is one of the shortlisted entrants at tonight’s 2019 RESI Awards.
The firm – principal lender to developers and investors within the UK real estate sector – is a finalist in the ‘Deal of the Year’ category following @Cain_Int’s £400 million investment in Fortwell Capital in 2018. The investment represented a step-change in the firm’s lending capabilities across the loan spectrum.
The RESI Awards, organised by Property Week, celebrate the residential property sector and its successes of the past year. The awards bring together the key players in the residential markets, including lenders, developers, landlords, housebuilders, operators, investors, agencies and local authorities.
Innesco wishes Fortwell Capital the best of luck tonight, and hopes everyone has a fantastic evening.More
Barcelona greats a refreshed ICSC European Conference
This week, we attended the refreshed ICSC European conference in Barcelona as official press partners – the first time it has combined the acclaimed European Conference with innovative exhibitions and a speaking programme.
The flagship event offered a great opportunity to network and exchange ideas with key decision makers from the retail property industry; Customer Experience Strategist Ken Hugues, Group CEO of Unibail-Rodamco-Westfield Christophe Culliver, NASA’s Visual Strategist David Delgado, founding partner of Skype Jonas Kjellberg and many more.
Exciting panel discussions and seminars explored highly relevant topics impacting the sector such as changing consumer patterns, e-commerce, shopping places and of course the current retail environment. Our MD Dan Innes had the pleasure of leading the “Marketing for Operational Success” workshop, together with VIA Outlets and Anita. Get in touch if you would like a copy of his very useful deck.
It was particularly interesting to experts dive head-first into the much anticipated about whether or not the industry is in the midst of an Armageddon or Renaissance. ICSC Europe Managing Director Bill Kistler presented strong arguments to support a Renaissance-view of retail real estate on Wednesday, during a fierce debate with Peter Wilhelm, ICSC European Chairman.
We also enjoyed immersing ourselves in the he exhibition area, which brought a unique and rich space to explore “must-have” ingredients for retail brands, such as the multi-sensual shopping experience offered by @BompasandParr and @gensler_design
Overall this year’s ICSC European conference will be considered a successful one for Innesco – although one sad fact remains. Now back at our London HQ, we are regrettably mourning the tragic loss of our dearest travel companion: our yellow bunny Miffy.
MIPIM: Yachts, champagne and sunshine?
Yachts, champagne and sunshine. That’s the outsiders’ view of MIPIM and one which is always sure to attract some salacious headlines every year. But to take this blinkered view is to hugely underestimate the event’s role in driving global change in the real estate sector. Of course, it remains the place where big mergers are announced and huge investment deals are sealed. However, its real impact comes from how it shapes the towns, cities and countries in which we live, work and play.
Put simply, there is no better place for local authorities, companies and national governments to showcase their ambition and attract the best-in-class funding and development partners to help realise them. Period.
The UK government will be out in force promoting investment opportunities with delegations from The Department for International Trade (DIT), Ministry of Housing, Communities and Local Government (MHCLG), Homes England and the Cabinet Office. UK Cities including London, Manchester, Liverpool, Belfast and Cardiff will also be out in force making a play to attract the world’s best developers, while local authorities from Slough to Glasgow will be presenting their visions for the future.
From an international perspective, we can expect to see a strong presence from cities such as Paris, Oslo, Dubai, and Lisbon. The city of Olso will be promoting its status as 2019’s European Green Capital with a packed programme of events and announcements, as well as the unique opportunity for a game of chess with World Champion, Magnus Carlsen, and their Tuesday Dinner with resident DJ Dr. Alban.
Of the 100 countries attending MPIM, we can expect the likes of Turkey, Egypt, Poland, Belgium and the USA to be especially visible. The country of Egypt – represented by Innesco – will be attending MIPIM for the first time this year as it launches one of the world’s most ambitious masterplanning programmes of 15 new cities, including the New Administrative City recently visited by Property Week. As a mark of their commitment to the event, the delegation will include the Prime Minister, the minister of investment, the minister of tourism and the minister of housing, as well as a consortium of the country’s largest developers. You’ll also see them as sponsors of the Opening Night Drinks reception.
Over and above making things happen at a project level, MIPIM is also taking the lead in pushing forward new trends and ideas. This year’s theme is ‘Engaging the Future’ and with a conference programme including speeches from Ban Ki-moon, the eighth Secretary-General of the United Nations and business philosopher, Anders Indset, the agenda is sure to provide some compelling content to all delegates. Innesco will be at the heart of all these key themes, issues, trends and locations – look out for the team around the event, or be sure to follow our progress @INN_Tweets !
Innesco welcomes you to the MAPIC FOOD Kick-off Reception!
After a tantalising inaugural event in 2018, MAPIC Food returns to MiCo Milan in May. We are proud to announce that Innesco has the pleasure of partnering with Reed MIDEM on the event for the second year running.
#MAPICFOOD will delve deep into the biggest influences on the international food services industry and invite the most innovative new food concepts, operators, landlords, developers and investors to explore the key ingredients for building the food destinations of tomorrow.
The conference line-up is shaping up nicely; food in retail destinations, dark kitchens and food technology, F&B in travel retail, F&B as a key driver for private equity investment and more. Have your doggy bags at the ready as there will be takeaways for everyone at MAPIC Food.
To kick-off things off, we have been working with the MAPIC team to organise a pre-event meet-up in London, taking place tomorrow on Thursday 28 February at the Soho Hotel. Attendees will have the opportunity to preview some of the main event’s features, meet key speakers and rub shoulders with international F&B’s best and brightest.
We are delighted to welcome our readers to the London meet-up to celebrate the launch of the second edition of MAPIC Food. Places are limited so if you have the appetite, reach out to us now!More
Innesco survey, in partnership with Maybe*, reveals what consumers want from their shopping experience
For the last MAPIC edition, Innesco has teamed up with Maybe to collect consumers’ insights around Europe about “What is the future for retail and entertainment in our towns and cities?” This social listening project has delivered over 45,000 valuable thoughts into what consumers really want from their shopping experience.
Change is coming to the retail industry, steering retailers to most importantly take the time to understand how their customers shop and what are their expectations of the shopping experience. This question was at MAPIC, the world’s leading retail real estate conference, that took place over three days last November in Cannes with “Transforming reality – Physical in the age of Digital” as this year’s theme. Innesco took this opportunity to offer inspiring and considered answers from 1m people using a combination of social listening, AI and chatbot technology through Maybe* platform.
The report reveals that shoppers’ behaviour is significantly influenced by online research. 59% of consumers consult their phones in-store on purchases they are about to make, which stresses the importance for many retailers to strengthen their social media presence. Consumers are the real influencers; good reviews and ‘instagrammable’ stores are key ingredients for consumers in their buying decisions. With shoppers switching seamlessly between social media, physical stores and e-commerce, enhancing a brand’s online research resources should be a key priority of a digital transformation initiative.
However, in this digital strategy, what has been mostly overlooked is the lack of digital shopping experiences with only 14% of respondents claim to have had a digital experience in a store that has “blown their socks off”. Consequently, there is an opportunity for retailers to embrace digital innovations and grab omnichannel consumers’ attention with unique in-store experiences that consumers can share on social media and in their reviews.
Another important takeaway from the survey for what shoppers really want in 2019 and beyond is the emergence of cinema visitors as shoppers. Indeed, the report shows that 39% of shoppers said a cinema is most likely to draw them to a shopping centre, with 21% of them said they would also shop. Cinemas still have something that streaming can’t match, remaining an interesting investment for any shopping centre considering this offering.
These meaningful insights provide further opportunities to target relevant online conversations in the social media space and deliver for 2019 what consumers want.
Dan Innes, MD of Innesco says: “This social listening project is the first of its kind and the largest ever undertaken in any sector – just another example showcasing how Innesco uses technology, data and other innovations to conduct research and deliver its findings in effective ways. It’s fascinating to see so much valuable data for the retail industry we can collect through social media listening. The latest is a powerful tool to see how consumer views match up against that of professionals working inside the sector and how to respond to it accordingly.”
Polly Barnfield OBE, CEO of Maybe* adds: “The findings of the project have highlighted the importance of stores being active participants in those conversations to drive their footfall.”
Find out more about the findings of the report here.More
Innesco partners with Maybe* for world’s largest social listening project for #MAPIC
MAPIC is fast approaching on 14thNovember 2018 and an exciting new addition to this year’s event is that Innesco is teaming up with Maybe* to deliver a social listening project – the largest of its kind ever undertaken in the commercial real estate sector.
MAPIC is the major international retail and real estate event for key property players connecting retailers, developers, cities and investors over three days in France with around 8,600 participants, 2,100 retailers and 2,500+ developers. This year’s theme is “Transforming reality – Physical in the age of Digital”.
The social listening project centres around the question – “What is the future for retail and entertainment in our towns and cities?” – and will then collect views from consumers all around Europe for the two weeks before the event, and then ask the same questions to delegates in Cannes each day. Using a combination of social listening, AI and chatbot technology in the Maybe* platform, the project will listen to and reach 1 million people across the world.
The purpose of the project is to demonstrate and reveal the variety of lifestyle experiences consumers now have and expect alongside retail rather than independently of it. It will also assess the importance of stores being active participants in those conversations to drive their footfall. Reports will be shown on Innesco’s screens, shared on Innesco and Maybe*’s social media and blogged about during the event.
Maybe* is a conversational commerce platform that enables businesses, towns and cities to listen to, learn from, and react to the digital conversations happening around them, making it the perfect listening partner to undertake this project. It incorporates the latest AI, chatbot, benchmarking, and location-aware technology into its platform.
Dan Innes, MD of Innesco says: “We are proud to be carrying out this pioneering type of research with Maybe* and as an innovative specialist marketing communications agency in the retail and real estate space, Innesco is a natural fit for the project. We place great importance in our team’s expertise, research, intelligence and observation capabilities, and use empirical evidence at the heart of strategies to help identify the optimum “route to audience”. We then use this evidence to drive strategy and inform our tactical creative, digital and media teams to provide winning campaigns that give our clients a competitive advantage. This social listening project is the first of its kind and the largest ever undertaken in any sector – just another example showcasing how Innesco uses technology, data and other innovations to conduct research and deliver its findings in effective ways. It will be fascinating to see how consumer views match up against that of professionals working inside the sector.”
Polly Barnfield OBE, CEO of Maybe* adds: “Consumers have a global choice in their pocket, 24/7/365 days a year. To predict the future of retail you need to understand the needs and expectations of consumers, all of which are reflected in conversations that are happening today. While online shopping seems to get the most attention, the dynamic that is frequently overlooked, is the significant degree to which most consumers’ shopping journeys start via a digital channel, regardless of where the ultimate transaction is rung.
Understanding the customer conversation that surrounds this journey and the associated experience is vital for retail success and future plans. We are delighted to be working with Innesco on this important piece of research”.
Look out for Innesco in partnership with Maybe* at stand R8.A 3 (The UK Pavilion), Riviera 8, UK Pavilion at #MAPIC2018. Follow them on Twitter @INN_Tweets.
More information about Maybe* can be found at https://www.maybetech.com/More
Congratulations to Andrew Smith, new Senior Account Executive
We are delighted to announce the promotion of Account Executive Andrew Smith to the position of Senior Account Executive. Andrew joined us back in March 2017 after completing his Msc in Corporate Communications.
The Innesco team is comprised of energetic and passionate real estate professionals and each member brings an expertise from across the UK, internationally and different areas of the sector. Andrew is a talented communicator with creative flair and his expertise has supported the biggest names in retail property, including the likes of Landsec, Hermes, MAPIC, and New West End Company (one of the world’s largest business improvement districts).
Since he joined the company, he has brought innovation and been a valued member of the team. “I couldn’t be happier to take the next step in my career at Innesco. There are exciting times ahead as we continue to diversify, innovate, expand our global reach and grow our expertise. Watch this space.”, comments Andrew Smith
Andrew’s promotion comes after yet another successful year for Innesco, having secured a number of new prestigious clients and delivering a multitude of successful campaigns and bespoke services.