Castellana Properties Socimi S A : leads the way with its Open Innovation Challenge, together with Madrid’s EAE Business School and Area101

● More than 25 postgraduate students have taken part in the challenge to come up with new business models for retail parks and shopping centres

● The students were tasked with identifying opportunities and turning them into new and innovative business ideas that they could then present to the Company

● Some of the most original proposals included the gamification of the shopping centre experience and innovative activities that offer fun for all the family

Castellana Properties, a listed company specialising in the retail sector, has successfully drawn its Open Innovation Challenge to a close, an initiative which saw it work in close collaboration with Madrid's EAE Business School and the trailblazing innovation community Area101. This project, which is a clear demonstration of the Company's commitment to better understanding the needs of the younger generations, saw more than 25 postgraduate students take part - all vying to come up with new and innovative business models for shopping centres and retail parks. To do this, they conducted their own research to identify new opportunities that they could turn into innovative business ideas and proposals to present to the Castellana Properties team.

Some of the ideas that reached the final stage of the competition included projects such as concept stores, exclusive spaces where customers can find a wide range of local products, cross-selling services in the car parks of the centres and apps that gamify the shopping experience, as well as innovative activities designed to offer fun for all the family.

The winning team, formed by Teresita Croquevielle and Mishelle Hernandez, presented a project to create a shopping centre space that is both physical and virtual and which offers start-ups the opportunity to display their products and brands. The proposal sets out a scaling and rotation system to both effectively manage demand and help these brands grow their businesses. This system offers them the opportunity to increase /reduce their presence and even the possibility of going on to use dedicated spaces.

An award was also given to the most innovative solution, presented by the team formed of Alessandra Cisneros, Carmen García, Karen Rivera, Maria Isabelle Aguilar and Romina Bocangel. Their proposal uses the centres' urban spaces to offer a service to the local community irrespective of their trading hours.

Invested in innovation

The Open Innovation Challenge is yet another demonstration of Castellana Properties steadfast commitment to innovation. A commitment which has also seen it launch the New Retail Challenge this year, a project designed to offer a helping hand to innovative startups. Other standout projects include its iCast innovation initiative launched at the end of 2020, an initiative designed to involve all of its employees in its drive to lead the way in innovation, create added value, spearhead transformation throughout the company, support and nurture talent, promote digital skills and drive positive change, both within the company and across the wider retail sector.

According to Carlos Guinea, Director of Innovation at Castellana Properties, "at Castellana Properties we continue to focus our efforts on staying ahead of the curve. Our aim with the Open Innovation Challenge was to attract young talent and offer these individuals the opportunity to analyse and devise new and innovative business models. Thanks to the collaboration with Madrid's EAE Business School and Area101, we have worked with some of the brightest minds that have brought new innovative and unique ideas to the table".