Create a Plan to Stay Relevant

“In our changing landscape, continue to provide value to both clients and consumers. Getting this right will allow you to grow the parking inventory you have to sell, and will keep consumers coming back to you to buy.”

Impark was founded in 1962 with one surface lot in Vancouver, British Columbia. Having grown organically throughout Canada and the United States, the company recently acquired Republic Parking. Today, Impark operates 3,400 facilities in more than 100 North American cities, employing 9,000 people.

Parking is an industry that can no longer rely on its traditional skillset. In order for a parking company to continue to be relevant, its leaders must have a clear vision of the role of the business in the changing world. The consumer now has alternate ways to find and buy parking, and is presented with new and convenient transportation options other than driving a private vehicle. The competitive landscape has changed, and the parking operator is going to need to find ways of creating products that better match with customer and client needs and expectations.

In a business of high transaction volumes and low margins, growing in size can provide opportunities for improved efficiency. Strategic sales and acquisitions efforts can achieve growth, however, it is only a corresponding investment in technology and platform that can truly leverage that scale for efficiency.

Be aware of the evolving landscape, and have the foresight to develop a roadmap for your organization, commit to executing on your plans and build a culture that engages employees empowered to be corporate trailblazers.

Julian Jones has worked for Impark for 23 years. Email him at jjones@impark.com.

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