Finding Tenants for Your Shopping Centers During a Pandemic

Posted by Sam Lowder on Sep 27, 2021 6:00:00 AM

Void Analysis Pro by SiteSeer

There is no question: the commercial real estate landscape right now is challenging and unique.

For many companies, the COVID-19 pandemic highlighted some vulnerabilities in their companies’ digital capabilities, putting digital transformation at the forefront. It also forced companies with physical office locations—and businesses with storefronts—to take a hard look at their portfolios and decide if a physical space was essential. Many are asking questions like: Which locations are crucial? Which have the highest operational costs? Could we reposition?

As companies rebound, if opening a new location is in their plans, there’s much to think about. There might be greater availability in desirable locations due to many retailers and other chain businesses closing locations. And any new space might need features like a drive-through or curbside pickup parking. Overall, it is clear that even the greatest business concept will not succeed just anywhere. As it always has, location matters. And selecting the right location especially matters.

Void Analysis Helps Retailers Identify Tenants

Whether you are a broker looking to fill vacant space in a shopping center or a developer leasing your new strip mall with the best possible tenants, it pays to have the right tool set to guide your site selection decisions. That’s where Void Analysis Pro by SiteSeer Professional comes in. This tool helps real estate professionals and shopping center developers identify tenants. And while we are still in a pandemic, with the future uncertain, it is more important than ever that you use a data-driven decision-making process to identify and recruit good tenants.

Here’s what Void Analysis Pro by SiteSeer can help you with:

1. Digging deeper when evaluating sites

Void Analysis goes far beyond simple demographics. You can identify tenants that are a great match for your shopping center based on demographics, lifestyle segmentation, and proximity to retail.

2. Recruiting high-quality tenants (not just any tenants)

Using SiteSeer’s retail match score, sites are matched with a retailer’s typical site location profile to ensure that tenants returned are appropriate for that site. That’s thanks to deeper market intelligence. As a broker, this means you’ll have lower turnover and happier clients who talk positively about you.

3. Ranking the best matches

Void Analysis Pro goes a step beyond by allowing you to choose how “strict” you want a match score to be. You can request that it return you only “A” rated locations or provide you all matches, even those with a lower score.

4. Expanding your horizons about types of tenants
New retail chains are expanding to new areas all the time. And even as knowledgeable about a market as you might be, it’s unlikely that you’ll know them all. Void Analysis will provide tenant ideas you haven’t considered and help you refine your tenant prospect list.

5. Identifying cotenants
Many businesses prefer locating with other complementary tenants and traffic-generating anchors (e.g., a grocery store). Void Analysis will help you evaluate how often your anchor co-locates with certain types of businesses.

6. Using your market research time efficiently
Your goal is to work efficiently and not waste time chasing after tenants that wouldn’t even consider the shopping center you are leasing. Void Analysis lets you focus your efforts so you don’t waste your time on tenants that don’t meet your requirements. 

7. Building your reputation and credibility
We mentioned it above and it bears repeating: Void Analysis can help you augment your experience and knowledge, which will earn you a reputation for working smarter with a data-driven toolset. Brokers and developers who use Void Analysis Pro go above and beyond a typical retail recruitment process. It can give you an advantage over your competition.

8. Putting together the best tenant recruitment packages
With Void Analysis Pro, you can get site packets that include market data, site match scores, supply/demand (surplus/leakage), consumer spending, and demographics in a trade area. You can customize data to compare a retailer’s existing locations to the space you want to fill.

Now with Minimum Typical Spacing

A relatively new feature of Void Analysis is that it returns the user a Minimum Typical Spacing measurement. In other words, you’ll learn how closely a chain will typically locate a new location to its existing locations. 

Try Void Analysis Before You Subscribe

Try Void Analysis today! Run a Void Analysis report for $199.99 or try Void Analysis Pro for $299.99 per report, which includes match score (this compares a site to where a chain concept typically locates), co-tenancy information and retail gap analysis.

And if you like Void Analysis, you can subscribe to SiteSeer Professional for unlimited Void Analysis reports (plus the features and tools of SiteSeer). Learn more today!

Take a demo of SiteSeer

 

Topics: Recruiting Shopping Center Tenants, Real Estate Analytics Tool, Building New Locations, Void Analysis, Commercial Real Estate Analysis Software

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