When you manage or lease retail property or premises within a shopping centre, it can always be a challenge to find the right type of tenants for the vacancies as they arise. It is important to stay ahead of your vacancy problems and challenges within the tenancy mix.
If a tenant is nearing the end of their lease, it is simply a matter of them vacating the premises or a new lease being created. If you work 12 months out from the event, you can plan whatever steps are necessary to resolve the vacancy quickly and effectively.
Here are some tips to help you with finding tenants to lease retail property:
- Monitor the activities of other shopping centres nearby. They will have some tenants looking to move or change premises for a variety of reasons.
- Keep in contact with all the franchise groups through the region and nationally. They may be looking for new premises for another franchise tenant location. That being said, you will need to understand the lease requirements and lease documentation standards that apply to each franchise group. It is likely that the lease documentation will be different to that which the landlord would normally use.
- Create a retail leasing property update newsletter. This newsletter can be circulated through the retail business community in your local area. In the newsletter you can provide tips and ideas regards leasing new premises. Given that most businesses have Email contact, a newsletter can be based on the use of an auto responder and an Email System.
- Maintain regular contact with all the businesses through the local area. Have particular focus on the successful businesses with strong branding. Give them regular property updates so they can understand the changes in rental and incentives as they apply to retail property.
- The anchor tenant in your retail property will have a significant impact on customer visits to the property and the trade for the specialty retail tenants. A good anchor tenant will also attract new tenants to your property. Encourage the anchor tenant to interact with all the specialty tenants in the shopping centre.
- A shopping centre that is well maintained and marketed to the community, will be of attraction to new tenancies. Ensure that your property satisfies both of these issues. Establishing a productive marketing campaign to attract more shoppers to the property through all of the trading seasons.
When it comes to leasing and managing retail premises, early lease negotiations and preparation for any new tenant vacancy, marketing, and occupancy are key strategies to adopt. A retail property is a vibrant and yet challenging type of property investment. Work with your tenants at the earliest possible time, and you will find good results for all concerned.