Every retail shopping centre property is different and should be assessed individually to ensure that you locate the new retail tenant well in the tenant mix. When you get the balance wrong it will impact your foot traffic, rental, customer interest, vacancy factors, sales, and other tenants. So what should you do? Gather all the right property information and take the time to assess what you find; this is well before you make a placement change or tenancy decision.
The old adage ‘position, position, position’, still rings true with retail property tenant mix. Each property is a mixture of good, average, and bad locations. To assess this and improve it you should immediately understand:
- the entrances points to the property
- visitations needs and decisions of the average customer
- the way in which people travel into and through the property
- the car park interaction, access, and usage
- public transport impact on the property
- common areas of the property where people congregate
- the time spent in the property by customers
- the days of the week that people prefer to shop
- what people want when they shop
- the most popular tenants and the reason why they are so favoured
- Are your most popular tenants leaving in the future and if so why?
- the most unpopular tenants and the reason why they are so disliked or avoided
- signage impact and placement across the property at all points of entry and exit
- tenant lease duration and termination dates
- existing vacancy factors and threats that could destabilize the tenant mix
All of these factors will put you on the track to a reasonable property assessment and improvement. A visit to other nearby shopping centres will also help you to identify what impact those properties are having on your property.
Customer surveys and questions taken on different days of the week will help you know what the community thinks about the property and its benefit to the customer.