CREJ

Page 18

— Retail Properties Quarterly — February 2018

www.crej.com

Owner Insights

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2785 Speer

Residence Inn

Park Regency Assisted Living

ONE PROJECT AT A TIME.

he success of a retail center is

dependent upon the amount of

foot traffic that comes through

its doors. As a large, publicly

traded landlord, we don’t want

to have the appearance of operating a

shopping center from our headquar-

ters in NewYork. Good landlords will

truly try to embed themselves into the

community and have a vested interest

in the surrounding region to ensure

their centers are attracting local cus-

tomers.

Following are four ways that a

shopping center owner can become

hyperlocal.

1. Create a well-balanced tenant mix.

A common misperception is that

large, national retail owners kick aside

small businesses in favor of national

tenants.That’s simply not true for

any successful owner. National retail

chains attract shoppers, but ensuring

that there is a mix of both national

and mom-and-pop shops not only will

provide shoppers with one-of-a-kind

offerings, but also will help support the

local economy.These smaller shops

are the heart of the community and

what really make our centers stand

out and be successful.When leasing

space, remember that diversification is

essential, so don’t place two nail salons

in one shopping center.These retailers

should complement each other, not

compete with each other.

2. Set retailers up for success

. In the

same vein, once you attract a smaller

retailer to the center, make sure it is

set up for the long haul.This means

working with the retailer to set fair,

manageable lease agreements that are

in line with the market.

Once the lease is signed, assist with

the build-out and

grand opening pro-

cesses.This could be

a retailer’s first time

running a business,

so knowing it has a

resource to turn to

will help build good-

will. Help it adver-

tise, and share news

of its progress and

grand opening on

your corporate social

media. For example,

many of our small businesses are

interviewed and featured on our blog.

3. Become one with the community.

Sponsor fundraisers and events, and

host events that are educational and

fun for area residents.This fosters

a good relationship and will further

make your location a true destination,

not just a quick shopping trip.We have

centers that are the start or finish for

marathons, a spot for mobile blood

donations, or part of a route for charity

bicycle rides. Another popular commu-

nity draw is hosting safety days, where

local firefighters and police officers

come to a center to give safety dem-

onstrations, hand out bike helmets,

allow visitors to take pictures with the

firetrucks and police cruisers, and get

to know the residents they serve.

At our Highlands Ranch Shopping

Center, we regularly host local pet

adoptions and are planning music con-

certs for the warmer weather in 2018.

Holiday events also are a popular draw.

At our other shopping centers across

the country, our holiday events include

Halloween parades, tree lightings, ice

carving competitions, menorah light-

ings and more.

Also, work with the city. If a center

is undergoing a redevelopment, lis-

ten to and address any resident and

municipal concerns. Pull together and

offer the center as a resource if need-

ed. For example, one of our Florida

centers was just a block away from

the tragic Pulse mass shooting. This

Orlando site became the headquar-

ters for press conferences, and retail-

ers had extended hours and donated

their services to first responders and

those helping in the aftermath. After-

ward, we planned and erected trib-

utes to those victims.

4. Make sure that shopping is a pleas-

ant experience.

First impressions mat-

ter and a shopping center owner is

responsible for the critical impression

made in the first few minutes after a

shopper arrives. Landscaping should

be attractive and well maintained.

Those pops of color can grab a per-

son’s eye as they drive by. Our distinct

palette is green, purple and yellow

with a few other native plants mixed

in.

Parking is even more important.

There should be adequate parking for

shoppers, even in high-demand sea-

sons. If potential shoppers must circle

the lot a few times to find a spot, they

might become frustrated and leave

without setting foot in a store.

Lighting is another aspect of the

shopping experience that should not

be overlooked. A well-lit center not

only looks more inviting at night,

but also creates a safer environment,

which is important in any commu-

nity.We replaced lighting to improve

energy efficiency and light quality

at hundreds of our shopping centers

through our Illumi-Nation Program,

launched in 2014.

Ultimately, there are a lot of differ-

ent ways to engage with the com-

munity and position your shopping

center for success. Determine the

method that works best for your cen-

ter’s tenant mix and your surround-

ing customer base, and set out to

provide a shopping experience unlike

any other in the area.

4 ways to make a national owner hyperlocal

Rick Turner

Director of real

estate, Kimco

Realty, Aurora

National retail chains attract shoppers,

but ensuring that there is a mix of both

national and mom-and-pop shops not

only will provide shoppers with one-of-a-

kind offerings, but also will help support

the local economy.