If you are running a shopping centre, you know how important it is to keep track of your performance and identify areas for improvement.
Those areas would include tenant mix, leasing, income optimisation, and maintenance planning. A shopping centre performance checklist is a tool that can help you do that.
The checklist is part of the retail business plan. It is also a list of key indicators that measure how well your shopping centre is performing in terms of customer satisfaction, sales, occupancy, marketing, operations and maintenance.
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Consider Investment Outcomes
If you manage and or lease a retail property, this plan is valuable to the investment outcomes that the client or owner of the property would be seeking.
Where do you start with this and what do you focus on? A shopping centre performance checklist can help you:
- Monitor your progress and achievements over time
- Compare your performance with industry benchmarks and best practices
- Identify strengths and weaknesses in your shopping centre
- Set goals and action plans for improvement
- Communicate your performance to stakeholders and customers
This blog post will show you how to create a shopping centre performance checklist that suits your needs and goals. We will also provide some examples of performance indicators you can use or adapt for your checklist.
Setting Retail Objectives
The first step to create a shopping centre performance checklist is to define your objectives and scope. Think about these questions:
- What are you trying to achieve with your checklist?
- What aspects of your shopping centre do you want to measure and improve?
- How does the client appear in the property performance plan? What are their targets?
- How often do you want to use your checklist?
- Who will be responsible for collecting and analysing the data?
Once you have a clear idea of your objectives and scope, you can start selecting the retail performance indicators that will make up your checklist.
Performance indicators are measurable values that show how well you are achieving your objectives. They can be quantitative (such as numbers or percentages) or qualitative (such as ratings or feedback).
Common Performance Indicators
There are many possible performance indicators that you can use for your shopping centre performance checklist, depending on your objectives and scope. Think about the location, tenant mix, property design, customer base, and landlord requirements.
Here are some examples of common retail performance indicators for different aspects of shopping centre performance:
- Customer satisfaction survey results
- Customer retention rate
- Customer loyalty program membership
- Customer complaints and compliments
- Net promoter score (NPS)
- Total sales revenue
- Average sales per square metre
- Average sales per customer
- Sales growth rate
- Sales conversion rate
- Occupancy rate
- Vacancy rate
- Tenant mix
- Tenant retention rate
- Tenant satisfaction survey results
- Marketing budget and return on investment (ROI)
- Marketing campaign effectiveness
- Website traffic and conversion rate
- Social media engagement and reach
- Brand awareness and reputation
- Operating costs and income
- Operating margin and profit
- Staff turnover and satisfaction
- Staff training and development
- Health and safety compliance
- Maintenance costs and budget
- Maintenance schedule and completion rate
- Maintenance quality and standards
- Maintenance issues and resolution time
- Energy efficiency and sustainability
Know Your Property
You can choose the performance indicators that are most relevant and meaningful for your shopping centre. You can also create your performance indicators based on your specific needs and goals. The key is ensuring that your performance indicators are SMART: Specific, Measurable, Achievable, Relevant and Time-bound.
The next step is to decide how you will collect and analyse the data for your retail performance indicators. Gather your data and collate it for tracking over time.
You will need reliable data sources, such as sales reports, customer surveys, tenant contracts, website analytics, social media platforms, etc. You will also need a method of calculating and presenting the data, such as spreadsheets, charts, graphs, dashboards, etc.
Track and Monitor
The final step is to use your shopping centre performance checklist to monitor and improve your performance. That will be in:
- Retail sales
- Customer visits
- Vacancy factors
- Rental returns
You should review your checklist regularly (monthly, quarterly or annually) and compare your results with your targets and benchmarks.
You should also identify the areas where you are performing well and where you need to improve. Based on your findings, you should set new goals and retail action plans for improvement.
You should also communicate your results and plans to your stakeholders and customers, such as the landlord, staff, tenants, investors, suppliers, etc.
A Strategic Retail Tool
A shopping centre performance checklist is a valuable tool to help you manage and improve your shopping centre.
By creating a checklist that suits your needs and goals, you can measure how well you perform in customer satisfaction, sales, occupancy, marketing, operations, and maintenance.
You can also use your checklist to identify strengths and weaknesses in your shopping centre and set goals and action plans for improvement.