In this economy and the shopping centre property market, it is important to understand your customer and continually monitor their needs and requirements. Rent and leases need to be protected from the impact of the economy. Great retail properties do not just happen, they are shaped and built on to a plan.
The way to strengthen the shopping centre performance and underpin the rental is to optimise customer visitation and spending. When the rental for the property is underpinned by good levels of trade you have happy tenants. This is the fundamental focus that all Landlords, Shopping Centre Managers, and Leasing Managers should aspire to. Get the balance of rent and sales under control.
Today’s Economy and Retail Property
Given that the economy is under some pressure, this has real impact on the levels of sales that some tenants can achieve and some properties can create. In this market the tenant mix and stability for your shopping centre becomes more important than ever before.
This optimisation always comes down to the customer in every respect. Landlords and shopping centre managers in today’s economy must be ever vigilant to strengthen the property performance. Careful tenancy placement and customer interpretation is part of that process.
Without customers in a retail property today, nothing will work, regardless of how new and modern the property is. It is the experience and service that a property creates that brings customers back. Your property experience needs to be equal to or better than any other in the area. To do this you need to know what your property is trying to do and who it is trying to serve.