Tesco has unlocked additional revenue across over 100 stores by transforming its parking spaces into a strategic asset.
The initiative, supported by parking data insights from YourParkingSpace, highlights how underutilised areas can be reimagined to create value for large property portfolios.
In partnership with YourParkingSpace, Tesco has enjoyed a 353% increase in car park bookings and a 438% increase in repeat drivers since working together from 2020, demonstrating how parking data can inform asset managers’ decision-making. By identifying demand patterns and optimising space usage, Tesco has not only increased revenue but also aligned parking management with its broader estate strategy.
Traditionally viewed as a secondary asset, parking spaces are now being recognised as a potential driver of revenue and efficiency within retail portfolios. For Tesco, the partnership with YourParkingSpace has provided real-time data that allows its asset managers to forecast peak demand, manage traffic flow, and offer more tailored parking options to customers.
Flexible booking options, including daily, weekly, and monthly stays, enable Tesco to use excess capacity while maintaining capacity for its own customers. This approach is scalable, offering the potential for expansion across its estate.
Indeed, one store alone has generated three times more parking revenue through the partnership, with YourParkingSpace customers praising the affordability and convenience of the booking system.
For asset managers, Tesco’s results highlight a growing trend: parking assets are no longer just a convenience for customers but a measurable contributor to portfolio performance. Data-driven platforms like YourParkingSpace are enabling owners and managers to integrate parking into their revenue optimisation strategies.
Ryan Winkleman, UK Commercial Director at YourParkingSpace, commented: “This partnership demonstrates how parking can be repositioned as a strategic element of property management. By leveraging real-time insights, asset managers can improve efficiency, boost income, and enhance the customer experience in a way that benefits both the individual property and the wider portfolio.”
Pic: YourParkingSpace
