In retail leasing, you really do need to know your territory and tenants. The retail business segment is under some pressure at the moment in many respects. The internet has changed the way shoppers buy goods, and the spending patterns of people have changed due to the global economy.
When times are tougher in retail shopping and trading, it is the ‘convenience’ type tenants that still do quite well. Convenience tenants are usually food and consumable related (baker, fruit and veg, butcher, chicken, and fast food).
To help your shopping centre trade and thrive in tougher retail times, you need to closely look at your tenant mix and the clustering of tenants. Everything has to be done to encourage more trade for tenants and between tenants. Tenants should be selected on the basis of relevance to your local shopper and their needs.
As a retail leasing expert you can get close to the retailers and the business community. This will help you find the right tenants and the successful traders.
Here are some ideas to help you build a matrix of retail leads and opportunities in retail shop leasing.
- Franchise groups are a proven business model. Some of them will suit your property and shopping centre. Talk to the franchise groups to understand what it is that they need in a property to consider occupation and leasing. Find out what their business model is and the standard lease terms and conditions that they require. Some franchise groups may also not be located in your area and may be looking to enter the region. Make some telephone calls and ask the questions of the right people.
- Business owners in the local area know so much about the local businesses and the community. Approach the business owners and the wholesalers or manufacturers of retail goods and services. Through that contact they may give you some leads for talking to successful retailers.
- Existing properties in your local region will contain successful tenants and businesses. Check out those properties and talk directly to the tenants. Some of those tenants will be quite successful even in a slower retail cycle.
- Shopping Centres and Shopping Centre Managers will offer lots of retail leasing leads and needs. Shopping Centre Managers will have leasing needs in their properties from time to time. Their tenant mix will change and the property may expand or undergo redevelopment. Either way, retail leasing activities will follow in some form or another. Most shopping centres have a business plan and a tenant retention plan, in addition to standard lease strategies and lease marketing efforts. Get to know your shopping centre managers for the leasing needs that will arise.
Landlord owners of retail properties and retail shopping centres need experts in leasing to help them. This is where specialisation in retail leasing is so important. You can fill that requirement with some specialised industry knowledge and leads.