Commercial real estate brings lots of opportunity for potential shopping center tenants. Retail centers are full of a variety of demographics to put into consideration. When well-thought-out and planned accordingly, it’s entirely manageable to get the ball rolling to find the perfect tenants for your shopping center.Retail real estate brings lots of opportunity for property managers. Here’s how you can attract and retain tenants for your shopping center. Click To Tweet
In order to attract and retain tenants for your shopping center, your property management company must have a sound understanding of the shopper demographics, develop a strong strategy for consideration, and maintain an engaging relationship with new and existing tenants.
Scout the Area
Visit other similar stores nearby as if you were a regular customer and take note of their products, prices, location, and customer base. What product demand are other stores already meeting? How much do they charge for it? What kind of people shop there? Be sure to have a good understanding of what your tenant mix will likely be.
Use the SWOT Analysis Method
SWOT, which stands for Strengths, Weaknesses, Opportunities, and Threats, can help you determine if a particular store location appeals to your tenants. For instance, consider applying this method to a fast food restaurant interested in renting from you.
- Strengths: Your property might be located on a busy street, leading many customers to the restaurant.
- Weaknesses: Your property may not have a highly visible entry point and could be missed if customers are distracted.
- Opportunities: A new gift shop just opened nearby and could attract more foot traffic.
- Threats: A rival chain is negotiating its own property a mile away.
Maintain Your Property
A clean, nice-looking property leaves a great impression. On the other hand, trash and dirt are painfully obvious. While an office building will have a good system for staying neat and organized, a shopping center will need a little more work put into its maintenance agenda. Keep your property in top condition by working with a shopping center specialist. Remember to maintain your property’s condition even when no one is renting it. Potential customers will leave with a good impression and be more likely to rent from you.
Pro Tip: Shopping centers are easier to manage when you have a good understanding of what your tenants have in store for their businesses. Stay connected with them and don’t lose sight of long term goals.
Don’t lose focus on the shopping center tenants that you have in mind. Analyze your retail space and take into consideration what your shopping center includes. It’s good to stay on top of changes being made to your shopping center and keep up-to-date with your tenants and their long term business goals.
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