The success of brokers, developers, and commercial property owners ultimately rests on their ability to attract tenants. Unless you are lucky enough to represent a property with a waiting list of eager tenants, tenant recruitment is likely an important aspect of your job.
In the world of retail real estate, this is especially true. Attracting the right mix of brands to draw shoppers can dictate the success or failure of a retail center.
Fortunately, advances in data and technology give the commercial real estate industry new ways to improve both the efficiency and effectiveness of the process. Consider giving your tried-and-true best practices a boost with these data-driven steps.
1. Begin by Understanding Who Your Visitors Are
Many retail centers purchase access to data about the demographics and even the psychographics (lifestyles) of the consumers who live or work in the surrounding area. This information is a great first step because it lays the foundation for identifying which brands will ultimately be interested in the property. However, location analytics technology now gives retail centers the ability to study patterns in who is actually visiting the property.
Trying to attract tenants to a new center that doesn’t have historical visitor traffic to study? Use location analytics to define who is visiting a competing center in the same area or even a similar center in a comparable market.
2. Use Data to Assess Brand Fit
Once you’ve defined the visitor profile, use that information to assess whether a brand is a good fit for your center. Are the brand’s core customers similar to the consumers visiting your center? How does the volume of these visitors compare to the volumes seen at the brand’s other locations?
You can commission a custom market research study to answer these questions or use DIY technology options for on-demand answers.
3. Use Data to Tell Your Story
Taking the steps outlined above positions you to craft a compelling sales pitch. Let the data do the talking. Show your prospective tenant the customer potential at your center. Show them how your center’s visitor base compares to their core customer base. Show them the visitor volumes and peak times of day when your center sees activity.
Making the right site selection decisions is important to a brand, so use data to give them the assurance that your property is the right fit.
The Bottom Line
In the highly competitive world of retail tenant recruitment, it’s important to make the right first impression. By using data to strategically select your best prospects and to tell your story, you can increase the odds of attracting desirable tenants and close deals faster.
Interested in learning how to apply this approach to your business? Buxton’s new technology suite for brokers, developers, and property owners gives you the tools you need for success. Explore our products.