When you understand your retail shopping center and its customers, you can do more with your tenant mix, tenant placement, and retail offerings. This then deepens your leasing strategy to potentially underpin the market rentals for the property and lower the vacancy risk. All of that can lead to a successful property and its performance. (NB – you can get our retail and commercial real estate training right here)
Are you ready to boost your retail property performance in this way? Regular customer surveys are valuable tools in the retail leasing process.
Shopping Center Surveys & Business Plans
Surveys should be undertaken as part of a property business plan and updated every six months. They can be tracked and form the basis of property change as renovation or expansion becomes an issue to merge into property performance.
Here below are some ideas to consider and some questions to ask shopping center customers.
The questions can improve your awareness of exactly what customers think about your property and where it is headed as a retail destination.
Retail Questions and Concepts
You can merge these key retail concepts into your customer surveys:
- What is the size of your household?
- What are the age groups of people in your household?
- What are the reasons for visiting and frequency?
- Are you a local resident or a transient shopper from elsewhere?
- What suburb or city do you come from?
- What roads or entrance points have you used in accessing the property?
- What do you think of the public transport and is its placement convenient?
- What did you intend to buy today?
- When were you last here?
- What stores do you visit frequently?
- What stores would you like to see?
- How often do you visit the Shopping Center?
- How much did you spend today?
- What changes would you like to see in the property?
- What do you think of the entertainment precinct in the property?
- Have you used the car park and how can it be improved for you?
As you move through these questions you can develop a good understanding of what shoppers are thinking and doing as they visit your property. You can see the ways the retail property can be changed and improved. You can also see how you can get shoppers to return to your shopping center more frequently.
Certain parts of the property will be ‘high traffic’ zones where people enter, congregate, or shop for goods and or services. They will be the zones where the image and offering of the property should be enhanced. On that basis you can then look at tenant mix issues, and the clustering concepts between tenants of complementary offering.