It marks the first ever real estate focused technology investment from the fund, which will propel a digital ecosystem for retailers and create jobs focused on supply chain and AI based services
TORONTO, Nov. 25, 2019 /CNW/ - Ravel by CF is proud to announce it has received approval to co-fund a strategic digital program by Scale AI, a Montreal investment and innovation hub and one of Canada's five Innovation Superclusters. This support will help Ravel by CF accelerate the pursuit of new, innovative solutions and services for retailers - and fuel the development of new artificial intelligence (AI) solutions.
This third-party support validates Ravel by CF's work-to-date in retail technology and reinforces Scale AI's mission of enabling projects that position Canada as an international leader in AI and applied AI through industry-led projects. The collaboration, expected to create approximately 70 jobs, will help retailers compete on a global scale while also creating a more personalized shopping experience for consumers here at home.
"Cadillac Fairview established Ravel by CF to unite the best of digital and physical retail experiences, and maximize bricks and mortar investments made by retailers," explained Jose Ribau, Executive Vice President, Digital & Innovation, Cadillac Fairview. "As an industry leader in innovation, we see great potential in using AI and supply chain data as a way to enable a more personalized shopping experience from Discovery to Delivery. Ravel by CF is the first real estate-focused innovation partner awarded this contribution which will help build a more robust and intuitive ecosystem for retailers, here in Canada and around the globe."
Redefining the Retail Experience
Across industries, AI is changing consumer experiences and expectations. Traditional bricks and mortar is no different in terms of how it adapts and defines its future. From discovery to delivery, consumers are looking for a seamless, frictionless experience and retailers are looking for new ways to meet the changing expectations of customers.
For Ravel by CF, this means helping CF properties and partners offer the more than 260 million CF shoppers per year across a national portfolio a truly omni-channel approach: mobile-focused, personalized recommendations, engaging in-property experiences and world-class customer service.
"This co-funding serves as recognition by Scale AI that Ravel by CF will help retailers in Canada and around the globe, thrive and adapt for future success," said John Sullivan, President and CEO, Cadillac Fairview. "Given our leadership in real estate and our passion to innovate, this partnership will now accelerate our ability to develop and deploy a digital platform to help improve the shopping experience."
Ravel by CF will use the co-funding from Scale AI to advance AI solutions that improve and realize more opportunities across in five key areas: Intelligent search, Product recommendation, Wayfinding, Supply chain, and Delivery optimization.
"Retailers and commercial tenants of real estate recognize AI's potential to bridge the gap between physical and digital worlds. Ravel by CF's work and vision gives Canadian retailers and brands an advantage – not just here at home, but internationally as well. Scale AI is proud to participate in this project and to propel Canadian companies into the AI era" says Julien Billot, CEO of Scale AI.
Hélène Desmarais, co-chair of the Board of Scale AI, adds "AI is coming out of research labs and there is a lot of excitement to see innovation projects, based on applied AI, taking shape, scaling up businesses into the future."
Investing in AI for the Future
The Scale AI program selects industry-led projects working to address challenges within retail, manufacturing, agriculture, and transportation - among other sectors - who will benefit from implementing AI models. Ultimately, these projects will deliver concrete innovative solutions that will, among other benefits, improve product routing and traceability, increase demand forecasting accuracy, optimize task assignment for field employees, and increase planning efficiency to avoid overstocking and waste.
Focusing on Digital Innovation
Ravel by CF is focused on enhancing today's retail shopping and office tower experience to better recognize the untapped potential of physical space and customer experience within some of the world's best commercial real estate. Working with established leaders and new entrants in the ecosystems of retail, marketing, and technology, Ravel by CF is building a digitally driven innovation platform that connects people, spaces and data. Ravel by CF gives retail and client partners an opportunity to test emerging technologies, explore ways to drive greater value from physical assets and realize new business service solutions. This commitment to focusing on digital innovation is helping to reshape the industry and redefine shopping and consumer spaces for the future.
For more information on Cadillac Fairview and Ravel by CF, please visit cadillacfairview.com.
About Cadillac Fairview
Cadillac Fairview is one of the largest owners, operators and developers of best-in-class office, retail and mixed-use properties in North America. The Cadillac Fairview portfolio is owned by the Ontario Teachers' Pension Plan, a diversified global investor which administers the pensions of more than 327,000 active and retired school teachers. The real estate portfolio also includes investments in retail, mixed-use and industrial real estate in Brazil, Colombia and Mexico.
Valued at around $32 billion, the Canadian portfolio includes over 37 million square feet of leasable space at 70 properties in Canada, including landmark developments, such as Toronto-Dominion Centre, CF Toronto Eaton Centre, CF Pacific Centre, CF Chinook Centre, Tour Deloitte and CF Carrefour Laval.
About Ravel by CF
Ravel by CF is an organization focused on removing the friction from today's retail shopping experience, unleashing the untapped potential of physical space and customer experience within some of the world's best commercial real estate. Ravel works with established leaders and new entrants in the ecosystems of retail, marketing, and technology to build a digitally driven innovation platform that connects people, spaces and data. Ravel by CF's latest digital product, CF Browse, is now available in the app store for download and consumer enjoyment.
About Scale AI
Scale AI is an investment and innovation hub that accelerates the rapid adoption and integration of artificial intelligence (AI) and contributes to the development of a world-class Canadian AI ecosystem. As one of Canada's five innovation super-clusters, supported by nearly 120 industry partners, research institutes and other players in the AI field, Scale AI develops programs to support investment projects of companies that implement real-world applications in AI, the rising of future Canadian flagships in the sector, as well as the development of a skilled workforce. For more information, visit the scaleai.ca.
SOURCE Cadillac Fairview Corporation Limited
For further information: Media Contacts: On behalf of Cadillac Fairview and Ravel by CF: Jessica Savage, SVP, North Strategic PR, [email protected]; On behalf of Scale AI: Isabelle Turcotte, VP, Marketing and Communications, [email protected]