Congratulations on laying down the groundwork for your new shopping center! In the world of commercial real estate, tenants are what keep your shopping center running day to day. After getting a good tenant mix sorted out for your property, you’ll want to prepare accordingly towards a smooth transition for all parties involved.
Preparing your new shopping center for tenants will involve perfecting the looks of your property, mapping out where advertisements will go to increase the most traffic, and staying in close communication with your tenants so that they can do what they do best with their stores.
Enhance Curb Appeal
A clean, professional building is sure to attract a professional tenant. Keep trash picked up, windows repaired and cleaned, and make sure all your maintenance is up to date. Consider any landscaping that needs to be done and any dirty sidewalks that need power washing for a fresh new look. Your property management company should know how to keep your commercial property maintained and ready for new business.
Work to Increase Foot Traffic and Visibility
If your property isn’t in an ideal area for foot traffic, try to draw in curious crowds with strategically placed ads or decorations. Show your tenants you know how to attract customers. Just be wary of the placement of your advertisements, as you won’t want to run into any legal issues with what is being said and where it is being directed. Check with a shopping center specialist to get their professional advice on boosting your shopping center’s traffic.
Work Closely with Your Tenants
Be a hands-on property manager! If your tenants contact you about a problem, respond promptly to fix it and provide any follow-up work necessary. Answer any tenant questions promptly. Let them know they can come to you for help. Listen out for tenant requests and see what you can do to help them with anything they may need to maximize their store’s performance.
Pro Tip: Understanding your tenant’s business and their needs is necessary for your shopping center to perform at its best.
Interview Specific Tenants for a “Cluster”
If a shopper buys children’s shoes from one store, they’re more likely to buy from a nearby children’s clothing or toy shop. When you interview clients for your retail shopping center, have a definite plan for creating “clusters” of stores selling related (but not competitive!) products to encourage shoppers to consider similar purchases. This will increase your clients’ profits as well as yours, and also provide an extra selling point for your property.
Be present and available for your tenants to reach out to, and your shopping center management will run smoothly. Always be working towards making your retail property better by taking note of what needs fixing and promoting the aspects that are driving the most traffic.
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