The Mervyn's in your community has closed its doors – what do you do with this 80,000 square foot building? This article provides solutions for filling your big box vacancies and even steps you can take prior to allowing a Wal-Mart or Hobby Lobby to open in your city.

Improve and Enhance

More than likely when you do have interest from a retailer for this vacant property, they will need changes to be made. Think about investing money into the improvement of the entire property at that point. Modern lifestyle areas offer green space, outdoor eating areas and nice landscape. These small enhancements will make customer's shopping experience even better, inviting them to come back again soon.

Non-Traditional Anchors

Who says that Target or Home Depot needs to be the anchor that fills your currently empty space? As long as the retailer's customer base fits in with the mix of other tenants in the development and the retailer can bring the foot traffic needed to have a successful anchor, you should consider your anchor filled!

Know Which Retailers Will Fit

When trying to land a retailer to fill this vacancy, understand the trade area surrounding the empty space. Know who is willing to drive to this location and what these people shop for. Ask questions like "Why did XYZ retailer leave this location?" and "How many customers live within the trade area of this store?".  Have all pertinent information about the space prior to marketing to retailers.

Preventative Measures

Many communities are taking proactive steps to modify their policies to set appropriate limitations on retail. These policies include

• Limiting the land zoned for retail areas in and around business districts and downtowns
• Requiring developers put up a demolition bond that can be used to tear down a building left vacant
• Build with only high-quality materials
• Promote pedestrian-friendly environments
• Ensure the development as a whole is beneficial to the entire community

View the January 2009 CommunityMatters Newsletter