A shopping centre can be a complex property to manage and lease. The more tenants you have in the mix, the greater the challenge of balancing the mix and the customer offerings. It is best to have a complete plan of retail tenant placement and you can then merge into that a tenant retention plan, the overall leasing strategy, and the clustering zones of retail shops around the property.
So where do you start with all of that? Assess the major tenants first, then the speciality tenants, and then drill down into the property design, lease documentation and customer interest. Check out the video below on ways to do that.
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The Balancing of Tenants and Retail Offering
A retail property is not just a gathering of tenants and products or services into a single building or location. It is a balancing of tenants into zones within the property, and those zones should attract customer interest in a sustained way. Of course, over time the retail interest of customers will change for all types of reasons. If you are to be a successful shopping centre manager or retail shop leasing expert, having a plan and a strategy for the tenant mix will be a valuable and strategic advantage.
In today’s video, we show you how to assess the tenant mix and how then that works in the bigger picture of leasing the premises. When you have all of the facts about the property, there are things that you can do and balance out; ultimately you are looking to improve customer shopping interest and sales across the retail property.