Latest news with #MRISoftware
Fashion Network
2 days ago
- Business
- Fashion Network
May footfall fell flat but June looks promising, says MRI Software
Weekend footfall also fell for the second consecutive month, by 1.8% overall compared to 2024 levels. However, weekday footfall in May rose slightly (+0.3%) compared to last year 'which continues to support the changes in consumer behaviour; as the return to office remains strong, it may suggest that people are also visiting retail stores and destinations on the days they go into the office'. This is further reinforced by MRI Software's 'Central London Back to Office' benchmark that recorded a 2.4% uplift in weekday activity. The slight rise last month in shopping centres and retail parks was 'further evidence that consumers are likely more drawn towards the convenience factor of all-in-one destinations that offer more than just retail'. Larger shopping centres (over 500,000 sq ft) benefitted greatly from the half-term boost, recording an 8.4% increase in footfall from the week prior, 'and again indicates the attraction of retail destinations that offer leisure, hospitality and retail under one roof'. Info from MRI Software's 'Insights from the Inside' also saw 61.2% of retailers reporting lower sales during the early May bank holiday compared to last year, with 65.8% expecting softer trading through the half-term break. Also, rising operational costs are beginning to bite, 'and the knock-on effect is being felt at the till as higher prices are passed on to consumers, adding to the ongoing cost-of-living pressures' it said. And the forecast for June? With a packed calendar of music and sporting events, including Beyoncé's visit to London and the return of Wimbledon tennis, 'UK cities are expected to see substantial footfall surges if historical trends are anything to go by'. It added: 'Retail leaders are encouraged to analyse last summer's trends and ensure they are operationally ready to maximise this opportunity. As consumer habits continue to shift towards retail destinations that offer more than just shopping – a blend of retail with food, entertainment and experience may well remain front of mind for families. 'The challenge now is to sustain that momentum from the May half-term holiday into June and beyond.'
Fashion Network
2 days ago
- Business
- Fashion Network
May footfall fell flat but June looks promising, says MRI Software
After a busy Easter/good-weather-fuelled April lifting spring, retail footfall was much more sedate in May. Last month, retail footfall fell marginally, by 0.4%, compared to a year ago in all UK retail destinations, according to MRI Software's latest data. The dip was driven by a 1.1% fall in high street activity, but at least shopping centres and retail parks bucked the trend with marginal rises of 0.2% and 0.5%, respectively. Month on month, footfall also dipped (-0.1%) in all UK retail destinations. And it may have been worse had it not been for the schools' half-term holiday at the end of the month 'driving an influx of visitors to retail stores and destinations', noted the report. Weekend footfall also fell for the second consecutive month, by 1.8% overall compared to 2024 levels. However, weekday footfall in May rose slightly (+0.3%) compared to last year 'which continues to support the changes in consumer behaviour; as the return to office remains strong, it may suggest that people are also visiting retail stores and destinations on the days they go into the office'. This is further reinforced by MRI Software's 'Central London Back to Office ' benchmark that recorded a 2.4% uplift in weekday activity. The slight rise last month in shopping centres and retail parks was 'further evidence that consumers are likely more drawn towards the convenience factor of all-in-one destinations that offer more than just retail'. Larger shopping centres (over 500,000 sq ft) benefitted greatly from the half-term boost, recording an 8.4% increase in footfall from the week prior, 'and again indicates the attraction of retail destinations that offer leisure, hospitality and retail under one roof'. Info from MRI Software's 'Insights from the Inside' also saw 61.2% of retailers reporting lower sales during the early May bank holiday compared to last year, with 65.8% expecting softer trading through the half-term break. Also, rising operational costs are beginning to bite, 'and the knock-on effect is being felt at the till as higher prices are passed on to consumers, adding to the ongoing cost-of-living pressures' it said. And the forecast for June? With a packed calendar of music and sporting events, including Beyoncé's visit to London and the return of Wimbledon tennis, 'UK cities are expected to see substantial footfall surges if historical trends are anything to go by'. It added: 'Retail leaders are encouraged to analyse last summer's trends and ensure they are operationally ready to maximise this opportunity. As consumer habits continue to shift towards retail destinations that offer more than just shopping – a blend of retail with food, entertainment and experience may well remain front of mind for families. 'The challenge now is to sustain that momentum from the May half-term holiday into June and beyond.'
Fashion Network
2 days ago
- Business
- Fashion Network
May footfall fell flat but June looks promising, says MRI Software
After a busy Easter/good-weather-fuelled April lifting spring, retail footfall was much more sedate in May. Last month, retail footfall fell marginally, by 0.4%, compared to a year ago in all UK retail destinations, according to MRI Software's latest data. The dip was driven by a 1.1% fall in high street activity, but at least shopping centres and retail parks bucked the trend with marginal rises of 0.2% and 0.5%, respectively. Month on month, footfall also dipped (-0.1%) in all UK retail destinations. And it may have been worse had it not been for the schools' half-term holiday at the end of the month 'driving an influx of visitors to retail stores and destinations', noted the report. Weekend footfall also fell for the second consecutive month, by 1.8% overall compared to 2024 levels. However, weekday footfall in May rose slightly (+0.3%) compared to last year 'which continues to support the changes in consumer behaviour; as the return to office remains strong, it may suggest that people are also visiting retail stores and destinations on the days they go into the office'. This is further reinforced by MRI Software's 'Central London Back to Office ' benchmark that recorded a 2.4% uplift in weekday activity. The slight rise last month in shopping centres and retail parks was 'further evidence that consumers are likely more drawn towards the convenience factor of all-in-one destinations that offer more than just retail'. Larger shopping centres (over 500,000 sq ft) benefitted greatly from the half-term boost, recording an 8.4% increase in footfall from the week prior, 'and again indicates the attraction of retail destinations that offer leisure, hospitality and retail under one roof'. Info from MRI Software's 'Insights from the Inside' also saw 61.2% of retailers reporting lower sales during the early May bank holiday compared to last year, with 65.8% expecting softer trading through the half-term break. Also, rising operational costs are beginning to bite, 'and the knock-on effect is being felt at the till as higher prices are passed on to consumers, adding to the ongoing cost-of-living pressures' it said. And the forecast for June? With a packed calendar of music and sporting events, including Beyoncé's visit to London and the return of Wimbledon tennis, 'UK cities are expected to see substantial footfall surges if historical trends are anything to go by'. It added: 'Retail leaders are encouraged to analyse last summer's trends and ensure they are operationally ready to maximise this opportunity. As consumer habits continue to shift towards retail destinations that offer more than just shopping – a blend of retail with food, entertainment and experience may well remain front of mind for families. 'The challenge now is to sustain that momentum from the May half-term holiday into June and beyond.'
Yahoo
4 days ago
- Business
- Yahoo
Realcomm IBCon: Don't wait to implement AI in building operations
This story was originally published on Facilities Dive. To receive daily news and insights, subscribe to our free daily Facilities Dive newsletter. SAVANNAH, Ga. — Thousands of building operators and other real estate professionals are gathering this week for Realcomm IBCon, the annual conference showcasing the latest technology for improving properties and their operations. The focus this year, unsurprisingly, is the potential of AI and how to implement it. 'There are now two worlds,' Jim Young, founder and CEO of Realcomm Conference Group, said Monday. 'The real estate world that works at one speed, and the AI world that is not slowing down.' Those that put in the time and effort to adapt to the new technology will define the future of real estate, technology leaders said at the opening session – while those that don't are destined to be defined by it. This year's conference — The New ROI: Return on Innovation — features more than 150 exhibitors showcasing their use of AI, 5G, immersive experiences, IoT, cybersecurity and other innovations changing the way building operators do their work. Among the companies represented are property management software providers like MRI Software and Visitt and data analytics providers like Cherre and VTS. Big and small building automation companies like Johnson Controls and Kode Labs are there, too. Omar Tabba, chief product officer at BrainBox AI, a building management platform provider, was there to show how his company's ARIA platform can enable facility managers to diagnose comfort issues from anywhere, arming them with an AI-driven tool to respond to out-of-the-ordinary conditions or building systems that aren't functioning correctly. 'ARIA does an analysis, like any facilities professional would do,' Tabba said. 'It fetches the outside air temperature, the average indoor temperature, the set point range and the outdoor and indoor relative humidity. It goes through each of the rooftops and sees that cooling is active with all three stages going on the rooftop units. Basically, it's comfortable, but humid, and the recommendations are to check the dehumidification and system balancing.' While these are standard checks for any facilities manager or HVAC maintenance technician, it may normally take 30 to 40 minutes to pull up and look at all these factors, he said. 'This takes about five seconds [with ARIA], and is a great example of agentic AI and generative AI being used in real buildings, with real equipment, solving real-world problems,' Tabba said. 'Basically collapsing the time required for someone to diagnose the same exact thing.' Seminars, workshops and exhibitions begin Tuesday. A number of companies will have a forum later this week to showcase how they're using AI. Attendees will be able to walk around at their own speed and have conversations and get answers to questions they have about AI opportunities and challenges, said Sarah Bemporad, strategic director of content development and production at Realcomm. Recommended Reading How JLL sees facilities managers benefitting from AI Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Finextra
21-05-2025
- Business
- Finextra
MRI Software integrates Nova Credit Income Navigator
MRI Software, a global leader in real estate solutions and services, announces that it has integrated Nova Credit's Income Navigator into its fraud prevention and applicant qualification solution. 0 The AI-powered document fraud detection capability offers further protections for multifamily businesses to efficiently safeguard their properties and communities against rental fraud. "Our collaboration with Nova Credit to enhance automated income verification within MRI's multifamily fraud solution empowers leasing offices to approve qualified applicants more quickly and confidently, while strengthening protection against fraud," said Ben Berk, VP of North America Residential Solutions at MRI Software. "By streamlining the verification process and reducing reliance on manual documentation, we're helping property managers deliver a faster, more frictionless leasing experience without compromising on security or compliance." The growing use of generative AI to create fraudulent documents, such as paystubs and bank statements, is projected to result in fraud losses of $40 billion by 2027, according to Deloitte. An NMHC survey reported that 80% of apartment owners, developers and managers saw applicants misrepresent information on rental applications. To date, MRI's multifamily fraud prevention solution has saved clients an average of $1 million per year and prevented $1.8 billion in bad debt for multifamily operators since 2017. Nova Credit's platform uses multiple AI technologies to prevent fraud. Documents are analyzed at the metadata level to detect tampering and manipulation, assessing them against more than 700 fraud indicators. Machine learning models categorize transaction streams into easily digestible income snapshots. With the integration of Nova Credit Income Navigator, MRI can verify income for nearly 100% of applicants. The fraud prevention solution uses a combination of technology and human oversight to ensure accurate, timely applicant screening during the leasing process. AI-powered income verification typically produces immediate results, but in the event of exceptions where technology is unable to verify the uploaded documents, a human review takes place to conclusively validate or reject the documents -- without involving the property manager or requiring additional information from the applicant. The AI-driven, human-supported approach offers several benefits, including: • Reduces the time it takes to upload and review paystubs by 90% • Provides a quick and flexible applicant experience with built-in AI fraud detection for documents • Ensures all formats of paystubs or other documents can be validated and accepted "Our collaboration with MRI Software creates a powerful defense against application fraud, while ensuring property managers can quickly verify income for any qualified applicant," said Akaash Gupta, Head of Tenant Screening Partnerships at Nova Credit.
