The retail property industry is quite special and particularly that of shopping centres. Retail experience and strategies are a valuable part of controlling and improving a shopping centre. That is where the right people with retail experience are of real value to shopping centre owners. That is also where leadership in the retail property segment is developed.
Most of the agents and brokers that work with retail property do so out of choice and will not then work on other property types. That then allows them to bring specialisation to the clients that they serve.
Every shopping centre needs a plan of action to control things such as:
- Tenant selection
- Anchor tenants
- Specialty tenants
- Marketing of the mix
- Lease negotiation
- Tenant mix
- Income improvement
- Vacancy minimization
- Rental strategies
- Income and expenditure
- Renovation and Capital works and expenditure
So what can happen here is that the shopping centre manager should have a business plan to lift property performance and results. Parts of the business plan will cover the strategies in the property across and including the topics mentioned above.
I have seen quite a few shopping centres over the years; I don’t think any single one of them was what you would call an ‘average’. Unique factors applied in each case to property targets, customers, landlords, and tenants. Understanding the important factors that apply to each property will help you keep control and improve property performance.
To develop real leadership in the retail property industry, real strategies and innovative approaches are required across key property indicators. The market rents for the property will quickly be impacted by vacancies, presentation, customers, sales and tenant involvement. That’s why marketing is so important to lift and maintain a positive perspective about the property and across the local area. Customer interest is required and return visits for purchases are important.
So how can you be a real leader in the retail property segment? In addition to knowing all about the factors I have mentioned, there is a real advantage to be taken when you know the landlords, tenants, franchise groups, and anchor tenants. Opportunity waits in the retail property segment for a good leasing and property management specialist.