In retail property performance, the trade of the shopping centre will be impacted by the marketing plan. For this reason you really do need to establish a marketing plan soon in the management and leasing of a property.
The marketing plan and effort should be structured into all of the leases that are applied to the negotiations with new tenants as they enter the property. In this way you can make marketing a component of occupancy for each tenant and impose a marketing levy that all tenants can contribute towards.
A well marketed retail property will produce more trade, and that is of benefit to the tenants and the landlord. The marketing plan for the property can be part of the annual business plan for the property.
Here are some factors that can be incorporated into the establishment of the marketing campaign and plan for your property.
- All the tenants in the property will benefit from the marketing effort. For this reason you should meet will all of the tenants in preparation for the plan creation and implementation. All of the tenants will have valuable input when it comes to marketing, trade and customer needs. In larger properties it pays to have a committee of tenants established to coordinate the tenant requirements and feedback.
- Ensure that the leases that apply to the tenants support the marketing effort in some way. Check all of the leases for each and every tenant. Some lease terms and conditions will have specific methods of handling the marketing efforts.
- Talk to the customers that visit the property. They will have valuable feedback as to what they would prefer in the tenant mix and how they see the property today. Any weaknesses can then be addressed in promoting the property and any leasing situations or changes that occur.
- The anchor tenant in the property has a special relationship to the other tenants and the landlord. A successful anchor tenant that is matched to the property and the local customer base, will help improve the market rental and the property performance. Keep in close contact with the anchor tenant to understand their trading pressures and customer findings. This information will help the design of your marketing campaign.
- Your local area will have factors of seasonal shopping. Those factors should be incorporated into the marketing plan. When you consider seasonal shopping, you can spread your marketing into special local festivities and holiday events. In this way a 12 month marketing budget can be structured.
- Have special regard for the transitional shoppers such as tourists and business people if that is a factor in your property performance today. What times of day or year do they visit your property, for what reason, and how should that be integrated into your marketing efforts?
When you establish a good marketing plan for your retail property, you have something to track and shape when it comes to improving sales and trade. In this way the market rental potential for the landlord is underpinned. The tenants will also be happy with the customer numbers that are coming to the property.