Vacant shops can drag shopping center performance and retail sales down for shopping center managers and marketing managers.
Strategies are needed to boost customer interest and repeat visits to the shopping center, and you can work with those factors.
In the commercial real estate podcast today, we share ideas about finding tenants and placing them into your retail property with timely effectiveness.
Things to Watch in Leasing
Monitor upcoming vacancies and tenant movements and solve those problems early. Lease endings will also be a factor to manage. Think about these things:
- A leasing procedure can streamline your tenant negotiations with tenants and with the landlord
- You can evaluate the market conditions regularly so you are meeting market rent conditions
- A course of action to apply to targeted tenants will reduce vacancy downtime
- A methodology of leasing can be shaped by the landlord agreeing to rents, incentives, lease terms, and marketing campaigns
- You can measure marketing results with your vacancy activities and known
Any current or upcoming shop vacancy in a tenant mix should be resolved quickly and directly through targeted leasing campaigns and the sourcing of new tenants.
It is important that the customers of the property do not feel that there is an issue with occupancy or retail offerings. Customers cannot be allowed to see excessive vacancies in retail properties.
Comprehensive Leasing Solutions
Real and effective strategies are required to ensure that a shopping centre’s tenancy mix works comprehensively for both customers and the landlord.
From property to property, strategies and issues will always vary, so be open to property occupancy, merchandising, and marketing variables. There are plenty of things to do in finding new tenants to boost shopper interest.
Know the Shopping Centre Scope and Targets
Understand what works in shopping center sales and customer visits, and how to make that growth happen more effectively with tenants and customer-based solutions.
Retail sales are a strange equation requiring constant care and attention to detail from beginning to end. That is the job of the shopping centre manager or marketing manager. Strategies give you control.
What can you do with that? Reduce vacancies and thereby improve rental recoveries in a timely way. That can then help you optimize the property’s performance financially and physically.