The ever-changing trend of technology has no doubt taken the commercial real estate industry by storm. Nowadays, if you want to succeed in any environment, you have to apply the right channels of technology to ensure that you are on the same page as your competitors or your clients.
In the commercial real estate platform, getting a fair share of the same market requires proper preparation and an excellent understanding of the industry. It’s for such reasons that commercial real estate (CRE) companies such Westfield Corp have taken drastic measures and joined the forces of a Digital Advertising Agency like R/GA to create plans in the name of “accelerators”. Westfield has even developed its own Laboratory of sorts to study the impact of digital’s impact on their business.
In coming up with an accelerator Westfield Labs is looking for a better way to penetrate the market in terms of technology and investments. In a speech given at UCLA’s Anderson School of Business, Co-CEO Peter Lowy defined Westfield Labs’ purpose as “removing the friction from physical commerce.” The Connected Commerce Accelerator created by Westfield & R/GA looked for different individuals with the potential of coming up with solid start-up plans. The start-up application was open to each and every participant who can showcase their skills and illustrate what it takes to penetrate the market and get something out of it. The start-ups selected by the company have a chance to gain access to a bevy of business transformation skills, branding, strategic marketing, technology, and design services.
Accelerators are similar to secondary organizations under the primary company that provides fresh ideas based on the company’s urge or point of interest. Accelerators have to go after individuals with start-up ideas. In most circumstances, accelerators source for individuals with significant startup plans and support them till the end. The brain behind the startups may decide to work for the company or strike a deal towards a fruitful cooperation. What these accelerators do is to minimize the amount of time needed by the primary company to source for the right skills and talents. Through funding from the company, accelerators at times source, educate and transform the selected individuals. This type of venture helps a lot since different companies get the chance to add new and fresh ideas on board which eventually translates to growth and success of the entire company.
In using accelerators, Westfield Corp has plans to build fully digitized malls. What this means is that the company will be in a position to bridge the huge gap that exists between the digital world and the physical nature of retail shopping. The malls to be will enable each and every shopper to place an order or maneuver through the entire mall from a single point of view. By integrating advanced technology, different retailers will be in a position to fully engage the clients and hence create an excellent shopping experience.