With regards to implementing successful shopping centre management and leasing strategies, a shopping centre study can help you with essential choices relating to the tenancy mix, openings management, rentals, property performance, and marketing. On that basis, the survey process should occur at least one time in every calendar year so you can stay ahead of changes in the property market and retail shopping patterns. invest in shopping plaza
The results you will get from the survey should be tracked and been able as part of the property business plan. You will be able see how the property and the client base are changing. Those observations will help you with renter selection and placement.
The retail customer survey should occur at different times during the year taking into account customer information, holiday periods, and territorial monetary circumstances. What you are thinking about is essentially the changes to the customer demographic and the shopping patterns. Once you see the changes, you can change the tenancy profile, the shopping hours, and the product offering. Small changes aligned corectly to the customers can help property performance big.
Here are some tips to help you with structuring and implementing a successful retail shopping study:
Before you start the procedure, understand the targets that you are aiming to gratify. In most cases you will be looking for existing or changing trading patterns, customer needs, shopping patterns, and sales results.
Some of the information that you need will be sourced from the current retailers and their sales figures. Tenant co-operation is therefore a major part of undertaking the shopping centre survey. The professional tenants also understand what the customers are looking for; the tenants can give you valuable feedback to add to the review process.
The age and the configuration of the property will have something to do with how you conduct the study. People will your property and move through it in particular ways. Community transport, car parking, and foot traffic will determine different locations for starting the survey. For example, the people that travel to the home by general public transport could be different in profile than patients that use motor vehicles. The same can be explained for those customers that go to the property on foot.
Understand the times of the week and different times of day that will have an impact on customer and shopping patterns. Particular times of the week will show peaks and troughs in customer activity. What you need to do is understand the reasons for individuals shopping on certain days of the week and at certain times.
Determine the stores that your customers are visiting on a regular basis. Some retailers will be far more successful than others in appealing to sales and customers. The successful retailers will become leverage points for tenancy mix alterations and renter clustering.
There are typical distinctions in shopping habits when it comes to age, sex, disposable income, and family size. The folks positioned in the suburbs adjoining the house will have something to do with full sales and future investment. Understand what a typical customer appears to be and why they may visit your property.
Given all of the above facts, you can approach a professional marketing firm to apply the survey for your benefit. That they should have proven experience in the process and thereby provide to you a listing of questions and focuses on to be merged into the survey structure.
Commonly a shopping centre review of this type should be staged over 3 or four weeks, taken on at different times during the day, and on different times of the week. You can then chart the results and look for the habits in customer requirements and spending. If funds allow, you can run the survey every six months, hence tracking trends and changes more effectively.
When you have all this information, you can then more effectively correspond with vacancy issues, property operating costs, marketing changes, common area usage, and lease negotiations. Over time those elements will help you with bettering the tenancy mix, and in the end the rental income from the property. They say that a successful shopping centre is commonly the effect of a successful tenancy combine maintained a well-directed marketing campaign and a reasonable landlord.