3 Tips for Retail Space Owners Looking to Attract New Tenants
According to ICSC, 64 percent of retailers will open new stores in 2019. But it’s the downfall of mediocre retail. Tenants need to see the data, customers need to feel a sense of shared values and community before making purchasing decisions.
But how can average shopping centers step above mediocrity and attract the tenants they need to thrive?
Try these tips for attracting new retail tenants:
Establish an Identity, Attract The Right Business
The first step to creating a successful shopping center is choosing the right anchors. Anchors can be used as leverage when attracting smaller tenants. However, the only way to really do this is to have a solid identity.
What demographic does your center serve? Are the anchors you currently have the kind your community needs? Are they anchor smaller businesses will want to be in proximity to?
Think about what your center looks like. Would cleaner landscaping or more green attract a different type of clientele? Could new signage and some remodeling help?
An outside-of-the-box approach can help too. Today insta-worthy locations and unique experiences reign supreme. If it makes sense for your demographic, offer something different. If you’re serving a Millennial demographic and want to attract trendy food options and local boutiques, hire a local artist to create an interactive mural the community can engage with. If you serve conservative moms and families, consider making space for a playground for children.
Offer Amazon Lockers
Kohl’s made a mastermind move when they partnered with Amazon to offer returns. Long customer visits to the department store have risen 16 percent since it started offering Amazon returns. Kohl’s strategically placed the Amazon return area in its customer service center, usually located in the very back of the store. They also offer coupons to everyone who makes an Amazon return.
Every retailer or shopping center might not have the know-how to partner with Amazon directly, but what they can offer is Amazon lockers. This is especially good for retail centers that need to boost their overall foot traffic options. Amazon lockers can use Amazon offerings to attract new customers. Not to mention that someone returning a product they’re not happy with from Amazon, may find a solution from one of your tenants.
Host a Pop-Up Event
Pop-up retail events have proven to be a marginally successful solution to filling empty space and attracting both customers and tenants. Pop-up shops have been a leading retail trend for a few years, but they don’t have to be exclusive to stores.
Work with your local Small Business Saturday organization, and host a local creator market that sells local goods from many vendors. If you cater to a luxury demographic, have a local personal chef host a grab-and-go weekend breakfast or lunch. Open your space to a local and influential yogi for a special yoga event. Host a Food Truck Friday or a farmer’s market for local food producers.
Tailoring events to fit your demographic has the obvious bonus of generating foot traffic. But it also can create social media buzz and draw more attention to your property. Hosting events can also be an opportunity to allow small businesses looking to expand the opportunity of shopping around. If a local food truck that is considering opening a restaurant does especially well at your event, they may consider opening in your center. If a fitness chain is looking to expand in your area, they might be especially interested in testing out how a monthly group fitness class will perform in your community.
These are just a few of the many ways you attract new retail tenants. Recycling, environmentally conscious certifications, upping your technology solutions and offerings, and improving your overall social media presence are worth mentioning too.
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