When you have a vacant shop in a shopping centre, it is time to put strategy and solutions together. Don’t tolerate a shop vacancy for too long, or preferably, remove it before it becomes vacant by pro-active leasing. There are things to think about and things to do. Forward plan your vacancy reductions and leasing strategies early; that is 18 months out from lease expiry and change. You can merge that approach into your business plan for the property and assess the plan every quarter as part of a property review.
Shop Leasing Strategic Plan
The logic of shopping centre leasing is that you fill the vacancy as part of a strategy. That will be covering issues such as:
- Lease expiry dates in the same precinct of the property
- Targeted tenant types to balance the tenant mix
- The tenants that suit the customer base for the property
- The rental structures of the property as an investment
- Tenants that are proven in business and operations
- Branding priority for the shopping centre
- Shop fitout design and suitability
You can likely add to this list given your property to be managed and leased. Develop a leasing strategy around these factors and merge the progress plan into your performance plan for the property as an investment.