The success of a shopping center rests, in part, on its tenant mix. The right mix of brands draws shoppers and creates a steady stream of foot traffic. Unless you are lucky enough to represent a property with a waiting list of eager tenants, marketing and leasing space is likely an important aspect of your job.
Fortunately, advances in technology give shopping center owners and developers new ways to improve both the efficiency and effectiveness of the process. Consider giving your tried-and-true best practices a boost with these data-driven steps.
Many shopping centers purchase access to data about the demographics and even the psychographics, or lifestyles, of the consumers who live or work in the surrounding area. This information is a great first step because it lays the foundation for identifying which brands ultimately will be interested in the property. However, location analytics technology now gives retail centers the ability to study patterns in who is actually visiting the property.
Trying to attract tenants to a new center that doesn’t have historical visitor traffic to study? Use location analytics to define who is visiting a competing center in the same area or analyze visitor traffic to a similar center in a comparable market.
Once you’ve defined the visitor profile, use that information to assess whether a brand is a good fit for your center. Are the brand’s core customers similar to the consumers visiting your center? How does the volume of these visitors compare to the volumes seen at the brand’s other locations?
You can commission a custom market research study to answer these questions or use technology for on-demand answers.
Taking the steps outlined above positions you to craft a compelling sales pitch. Let the data do the talking. Show your prospective tenant the customer potential at your center. Show them how your center’s visitor base compares to their core customer base. Show them the visitor volumes and peak times of day when your center sees activity.
Making the right site selection decisions is important to a brand, so use data to give them the assurance that your property is the right fit.
In the highly competitive world of leasing retail space, it’s important to make the right first impression. By using data to strategically select your best prospects and to tell your story, you can increase the odds of attracting desirable tenants and close deals faster.
Many things have changed since Buxton’s founding in 1994, but one mission remains the same: the commitment to helping businesses make data-driven decisions by better understanding consumers and critical markets. Learn how Buxton’s CRE Technology Platform gives shopping center owners and developers the tools needed for success.