Case Study
Macerich
Business Intelligence for Parking –
Leveraging ParkHub’s BI Tool at Macerich
Who’s Involved
Peter DeLucia Jr. | Property Manager
Rodolfo Donadi, CPP | Manager, Parking Strategy & Operations
Customer Takeaways
It is important for us to balance increased parking revenue with customer satisfaction. We are in the business of serving shoppers, and being able to more effectively manage our parking operations through ParkHub’s data helps us to achieve our mission.
Peter DeLucia Jr. | Property Manager
This rate increase was a success. We analyzed the rate changes using ParkHub’s Business Intelligence Platform. We were able to measure the impact that the rate change had on occupancy and revenue. We would be in the dark without ParkHub.
Rodolfo Donadi, CPP | Manager, Parking Strategy & Operations
Summary
Macerich, a fully integrated, self-managed, and self-administered real estate investment company, wanted to ensure every customer had a place to park at its retail regional town centers around the country. Macerich partnered with ParkHub to improve occupancy tracking and make informed decisions about parking rates at all of their commercial assets with paid parking. The goal was to make sure that every customer had easy access to parking, so optimizing parking rates to incentivize parking turnover was important.
The Challenge
Tracking Occupancy
Manually measuring cars in parking lots is time-consuming and inaccurate. Before ParkHub, the Macerich team was in the dark about occupancy levels and daily turnover at their facilities.
Encouraging Turnover
When customers depart after completing their shopping, new customers can use the parking spaces. An optimized turnover rate decreases the risk that potential shoppers will leave when they cannot find a spot.
Retaining Customer Satisfaction
The Macerich team did not want to deter customers from parking. It was important to increase the existing parking transaction volume.
The Solution
Macerich sought to optimize parking rates at two of its properties, and they used ParkHub’s “Smarking BI” tool to measure the impact of those rate changes. ParkHub’s Business Intelligence tool provided insight into the performance of pricing and operating decisions. Macerich created multiple parking rate tiers at one property and upped the rate at another property, then measured the effects of the rate changes.
Property 1— On May 1, 2022, multiple parking rate tiers increased
Property 2— On July 1, 2022, the $5/hour price tier increased to $6/hour
The Results
Increased Revenue
In July 2022, the parking team at Macerich raised the $5/hour rate to $6/hour in order to incentivize turnover so all shoppers would be able to find a parking spot.
Sustained Traffic
The total transaction volume increased. Thus, the rate increase didn’t discourage parkers from using the parking garage. The parking management team at Macerich felt assured that there was no decrease in traffic experienced due to the parking rate increase
Learn More
With integrated payments, devices, and business intelligence, ParkHub is paving the road to a brighter digital future. On that road, ParkHub customers are driving away from cash, quickly and seamlessly.
Experience How ParkHub Can Transform Your Parking Operations
“ParkHub was designed to revolutionize an antiquated industry by providing an agnostic and open technology platform for finding, reserving, and paying for event parking online. As we expanded, we developed a best-in-class, mobile-point-of-sale device and comprehensive management suite, currently used by hundreds of parking operators, sports & entertainment venues, universities, festivals, & more, at thousands of locations across the U.S. With our recent acquisition of Smarking, we also offer full-scale business intelligence, dynamic pricing, and permitting products, utilized by numerous municipalities across the country.”
Chris Elliston
ParkHub Chief Revenue Officer