For years, many have debated the death of shopping malls. The rise of ecommerce has been a big contributor to the struggles of brick-and-mortar retail, and many analysts and other experts have been talking about how these changes are impacting the American institution known as the shopping mall:
With COVID-19 shaking up the brick-and-mortar world, many expect that shopping center owners will having many vacancies on their hands in the months and years to come. For those whose job it is to fill those vacancies, wading through struggling and bankrupt chains to find businesses that are still seeking expansion opportunities will be a challenge.
If you’re in the business of leasing a shopping center or helping a retail chain find space for their next location, there are a few things you need to know:
When you’re in the business of leasing space or developing shopping centers, there’s one issue that probably matters to you more than just about any other: how can you find the best tenants to fill your space?
Every day, we talk with retail companies, franchise organizations, and other businesses that want to select sites that give them the best potential for profitability and success. Here’s the stark truth: most companies have room for improvement when it comes to site selection. And as we all know, hindsight is 20/20. It’s very easy to think back and wish that you knew certain things about a site when you chose it. While you should be wary of any company that promises a methodology or tool that sounds a lot like a crystal ball, there are certain things you can do to choose better sites in the future and minimize costly mistakes.
When you’re a shopping center developer or owner, your number one goal is to fill that center with the best tenants. Vacancies not only cost you money on their own, but also hurt your ability to attract strong tenants in the future.
Maybe you’ve heard of the importance of running a void analysis when you’re recruiting retailers for your shopping center or trying to identify chain stores that are missing from your community. SiteSeer Professional’s tool, Void Analysis, is very beneficial—and not just for the broker or shopping center developer. Here are six people/users that should be using Void Analysis to grow the smart way: