Managing a shopping mall is a professional process that requires an excellent property manager who understands the type of property and the conditions needed to optimize property performance for tenants and landlords.
Retail properties are special in terms of functionality and performance. Continuous efforts are needed to nurture retail properties in order to be successful. You can't put the tenant in the house and let things happen. A successful retail property is about strategy and implementation.
Rent and lease are just a small part of the mall management process. Consider this list.
- The landlord's rent optimization provides a business plan for the property
- The actual cost of occupation will not make the tenant bankrupt
- The location of the property in the local community and how it will serve the community
- Lease incentives to maintain existing tenants
- Tenant mix helps the property to succeed
- Lease incentives to attract new tenants
- Tenant communication to keep occupancy and conflicts minimized
- Owner reporting process, maintaining property information flow and assisting decision making process
- The rent review process stabilizes rent growth without causing vacancies
- Expenditure management to minimize expenses while running property to acceptable operational performance levels
- Maintenance management to maintain financial and physical execution of property
- Budget shopping center's income and expenses to achieve the property's goals
- Promote properties to communities and prospects to optimize tenant transactions and turnover
- Lease vacant space negotiations
The list is incomplete, but shows you the most important control elements in shopping center management. Property managers should always seek to control these items.
The tenant mix in retail properties is the main strategy that contributes to its success. When you choose the right tenant for the property and help them trade through targeted marketing of the property, you are heading in the right direction.
The tenant mix is the preferred product; choose the impact of the property on the community and how to achieve it. Retail properties may be any of the following:
- A group of single stores for Local Strip shopping
- Convenient shopping with a major tenant
- Neighbor Center has one or more primary tenants
- There are two or more main tenants and many small professional retailers in the center of the district.
- The regional center has three or more main tenants and a large number of small and medium-sized professional retailers
When you know the customer base you are serving and you know why they will visit the property, you will know the tenants you need in the tenant mix to make the property a success. Your tenant mix and strategy can be built around these elements. Since then, this has been a problem that has attracted customers to visit the property and spend money. This is where the shopping mall marketing takes over.Ultimate Small Shop - The Next Woodworking Blockbuster! (view mobile),Click here! All Magic Spells (tm) : Top Converting Magic Spell Ecommerce Store,Click here! The Unexplainable Store,Click here!