Retail Landlords & Agents are Harnessing Parking & Mobile Data to Boost Footfall
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Transform Underutilised Parking Spaces
November 25, 2024
5 Secrets Every Owner Should Know
Many car park owners overlook simple strategies that can unlock additional revenue streams. Whether you’re managing a small site or a portfolio of multi-story facilities, tapping into these opportunities can significantly increase your income.
1. Use deep data to understand visitor patterns and identify opportunities
In today’s digital age, data is king. By leveraging parking data and analytics, you can gain insights into how customers are using your site/s. Are there peak times when demand is highest? Do you notice certain days or hours when the site, or parts of it, are underutilised?
Using parking management software together with enhanced vehicle and mobile data collection tools, you can track the number of visitors, average duration, common entry and exit times, customer demographics, vehicle fuel type and even where customers’ journeys originate from. This information will help you spot trends and optimise dwell times, pricing, staff schedules and maintenance needs. Additionally, this data can highlight high-demand areas for advertising or other new services, such as EV charging points or premium parking areas.
Actionable tip: Partner with a parking management company like GroupNexus, who specialise in these areas, to track user behaviours and identify ways to adjust services or pricing to better meet demand.
2. Offer pay for parking & pre-booking options for convenience and predictability
If your car park is time limited, one of the most effective ways to increase revenue is by offering customers the ability to pay to park for longer. You can also offer this through a pre-booking service – this allows you to guarantee occupancy, even during off-peak times, and helps drivers secure their spot ahead of time, providing convenience and reducing stress.
By utilising an online reservation system, you can optimise your car park income. Offering discounts for pre-booked spaces or higher rates for key locations can further incentivise this option.
Actionable tip: Work with a parking management company like GroupNexus to organise this on your behalf.
3. Implement variable parking tariffs to maximise revenue
Not all parking spaces have equal value, and implementing variable pricing is a smart way to reflect that. Spaces closer to entrances and exits can command higher rates, while spaces that are less convenient may be priced lower.
Beyond location-based pricing, you can also adjust tariffs based on the time of day. For instance, you can charge higher rates during peak hours and offer discounts during quieter periods to encourage use during off-peak times. This approach is particularly effective when combined with pre-booking, as it offers flexibility and a wider range of options for customers.
Actionable tip: Use dynamic pricing software to automatically adjust your rates based on time, location, and demand, maximising both occupancy and revenue. Speak to GroupNexus to understand when it’s most effective to implement this strategy.
4. Explore alternative permanent utilisation opportunities e.g install 5G masts or other infrastructure
Your car park can serve as more than just a place to park cars – it can become a site for permanent infrastructure that generates additional income. One emerging opportunity is renting space for 5G masts or telecommunications equipment. Telecom companies are constantly looking for locations to install their equipment to expand their networks, and car parks often have the space they need. Amazon and other lockers can also be a valuable source of extra revenue.
Additionally, you can explore the possibility of solar panel installations and other sustainable options.
Actionable tip: Work with your parking management company to understand if, and where, you have underutilised space, and how this space can be monetised most effectively.
5. Consider temporary utilisation options e.g host pop-up experiences
When your car park isn’t operating at full capacity, especially during off-peak hours or weekends, consider turning it into a venue for temporary events or pop-up experiences. This could range from food truck festivals and markets to film screenings and concerts. These events not only provide an additional income stream but also attract more visitors to your site.
Temporary leasing for special events allows you to diversify your revenue without affecting regular operations. With the growing popularity of pop-up experiences, there’s significant demand for flexible, open spaces that can accommodate various setups.
Actionable tip: Partner with event organisers, local businesses or your own tenants to host pop-ups or festivals, and create a simple rental agreement to monetise your underutilised spaces. Or work with GroupNexus and our network of partners.
Your car park can offer more than just passive income from parking fees. By using data to understand customer behaviour, offering pre-booking options, exploring permanent and temporary alternative utilisations, and adopting variable pricing strategies, you can turn your car park into a highly profitable asset. Implementing all or some of these five secrets will allow you to tap into hidden revenue opportunities, ensuring that your car park generates maximum income all year round.
Get in touch to find out how you can increase the profitability of your car parks: