As a Shopping Center Manager or Marketing Manager for a Retail Property would well know, the marketing process for any retail property is a critical component to attract customers and sales. From the smallest to the largest of retail properties, the promotional campaigns for shopping centers are designed to raise awareness about the tenant mix offering.
Every shopping center should have a business and marketing plan to guide it through the trading year. Parts of that plan are relevant to the landlord whilst others are relevant to the tenants. As stakeholders to the success of the retail property, the marketing plan itself can be created with input from both parties, and that should be done prior to the commencement of the financial year for the property.
Retail Shopping Center Marketing Plan Format
A typical promotional marketing plan for a shopping center would evolve from the gathering of property data. The marketing report will contain special segments such as the following:
- A defining of the trading year to which the marketing plan applies
- An analysis of retail shopping center competitors in the same general vicinity or market
- A list of seasonal and community festivities that should be incorporated into the promotional plan
- A list of tenants including specialties and anchor tenants. Understand the lease expiry profiles of tenants so that excessive promotion is not dedicated to a retail tenant that is soon to leave the property due to upcoming lease expiry. Understand the variable issues in the tenant mix into the future.
- A list of tenants in merchandise groups such as fashion, food, travel, and sports goods. Some seasonal sales promotions will be geared to those separate retail segments.
- A definition of the retail trading area for the property. That definition should include geographical boundaries.
- A definition of the customer demographic for the property. From this customer demographic you can determine the best channels of media to use to attract customer interest and visits.
- A result summary from surveys taking into account customer shopping patterns during the week and during the year.
- A budget of funds available to devote to the property promotion for the marketing year.
- A contribution strategy to lift the involvement of the anchor tenants in any property promotional campaign.
- A statement of landlord involvement or contributions to the marketing plan.
- A summary of renovation works expected in the property over the next 12 months that could have an impact on customer visits and tenant use.
- A summary of door counts over the period of the previous year so you can see the busiest trading times of the year, and where people are entering the property in greater volume.
- A summary of current marketing tools used such as websites, signage, bag stuffers, direct mail, flyers, and involvement with community groups.
- Information regards transport and car park operations that could have an impact on property visits and access.
- A summary of involvement with community groups and the community at large over the last 12 months.
With all of this information, you have something to work with when it comes to structuring a marketing campaign for the retail shopping center. A property that is well promoted will see benefits in many ways including lower vacancy rates, increases in customer numbers, happy tenants, and a strengthening of market rentals.