It's an interesting discussion on whether technology has made it easier or harder. And I think you're always thinking about that. Something's going wrong on your phone that was intended to make your life more convenient, and it's not actually working. I think there's some of that as well. I'm very hopeful that the technology is helping from the real estate side making it go a little quicker for a traditional industry.
Do you feel like we've kind of hit a little bit of a saturation point with tech?
I do think maybe there is some. When there was just one traffic counter, it could have been the little person outside doing the clicks. We've come a long way from there. And now you have choices.
So, how do you want to measure traffic? How much does foot traffic really mean to you is dependent on a brand. Now there are a bunch of folks in the space that you can go and look at and hopefully choose carefully. Just take a real estate example. Some of the prop tech things you can do from basic lease admin and tracking. There is now a big pool. So how do you want to use it?
And then I think we’re probably to the point where you're thinking everything's going to be easy. I'm going to plug in my phone, it's going to tell me where to go and the technology doesn't work. Can you get the implementation right? Certainly, it's a partnership between the technology folks and the store. But those friction points are where I'm at least hearing about them today.
How have landlord and tenant relations changed in the last few years?
I say this a lot. But it's an evolution, not a revolution. We've come really a long way. And I think there are a couple of things that have happened.
One, it's been a conversation that's been going on for a long time. And when you think about tenants and landlords, they really shouldn't be at odds with each other because they're both going for the same goal in many ways—let's get a store open, and let's both start making money. But somehow things fall apart as you're moving through this. So I do think landlords now see the value of shorter leases.
I think tenants and landlords have both played the game. How short can we get a lease? Should we be making license agreements? How can we get better, and how can we make this flywheel easier, well-greased and spin faster?