Digital Innovation in Real Estate Technology: A Retail Space, Inc.
By Shaylyn Costello
PropTech startup A Retail Space provides commercial Real Estate insights to the world of retail through a unique data analysis platform. By using comprehensive location data, tenants are able to find their perfect location for buying and leasing, and brokers are able to match data with their clients to advise the perfect property for them.
The company was established two years ago in New York City, by co-founders Scott Bagby and Michael Schoen, and has since expanded, with a product team now in Toronto as well as its business development team in New York. Amidst this growth, the company has also expanded its coverage to additional cities including Utah and California.
The platform allows the retailer or broker to provide information based on the customer profile to find their perfect location. This information is found through the analysis of big data — primarily location-based service data through mobile phones, enhanced demographic data, and points of interest.
“One of the main things that sets us apart is that this is kind of built by Real Estate people for Real Estate. We have deep industry experience and that’s coupled with technology expertise,” Bagby told MapYourProperty.
A Retail Space provides a user interface specific to various needs. “For example, a retail broker [who] has a client that is looking for a site expansion and wants to use data to help make and form that decision. So, what we can do is we can show foot traffic, and demographics of people who actually pass right by the front door of the potential spot,” said Bagby. Retailers are provided with real-time, in-depth information about walk-by traffic demographics, such as how many people are walking by, where the shoppers previously were, the income of the shoppers, and so on. Users can also compare potential locations based on numerous data points, such as family composition or gender distribution, in order to ensure the location is right for their business.
Moreover, data provided by ARS increases prospecting conversion for brokers. “Brokers are already seeing their role move from more of a transactional role to an advisory role and this is a tool that can help them in that advisory role. A lot of brokers that we’ve talked to have seen their job as kind of harnessing and helping their clients find and use the best technology to help them with their decisions,” said Bagby.
ARS is taking big strides as the world of PropTech becomes increasingly prevalent. MYP asked Bagby to speculate on what changes may be expected in the next five years. “I think you’re going to see some of these tools become more pervasive, and [will help] all those involved in Real Estate decisions to make better decisions, and faster, and with more confidence.”
