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The Evolution of Retail
Trends and Strategies for Today's Retail Landlords
In the ever-changing realm of retail, the latest trends are unmistakable. Today's brands are creating environments that captivate and leave a lasting impression on customers to enhance brand recognition and consumer loyalty. Here are a few ways to incorporate innovative retail space planning so that your property stays ahead of the curve.
Leasing Strategies Redefined-The Case for Curation
As brokers, we are responsible for understanding the demographics surrounding a project, but it is also critical to understand current consumer trends. This knowledge aids in the development of a more "community-centric" retail strategy. In response to the hectic lifestyles of local residents, retail centers are transforming into community hubs. They are places where tenants span from traditional retail to a blend of shops, daycare centers, medical clinics, fitness facilities, and movie theaters. Atlas can help you establish a leasing strategy that serves the local market and works well with existing tenants, which often leads to increased demand for space, reduced tenant turnover, and higher lease rates.
Beyond 'If You Build It, They Will Come’
The traditional build-out of vacant spaces in retail centers is also changing. While white box delivery may remain the norm, there are several factors to consider that are not critical for traditional tenants. Taking the time to evaluate a space before it is offered for lease and recommend ways to improve its marketability is a key component of what we do. Making sure a space is clean and in good condition is just the beginning; our understanding of current retail trends allows us to delve a little deeper. Are the floor plans spacious enough for immersive experiences, and are the ceiling heights suitable for unique design installations? Is there robust internet infrastructure and strategic electrical placement for more technology-driven features?
Be Sure to Look Outside the Box
Today's shoppers are seeking in-person experiences both in the store and out. Our team will evaluate the exterior of a space, looking through the lens of both the tenant and the consumer. This is crucial in this environment, as most retailers make decisions based on photos or video long before a site visit comes into play. ‘Curb appeal’, once reserved for the residential market only, should not be overlooked. Factors like cleanliness, exterior maintenance, well-lit parking areas, outdoor patios or meeting areas, and open walkways significantly contribute to the appeal of a space. Our experience has given us insight into how to apply these components, which can add value to a retail space or center.
Staying current on trends like community-centric leasing and strategic space utilization will help future-proof your retail spaces going forward.
With extensive expertise in crafting diverse and thriving tenant mixes that not only meet but exceed the expectations of today's consumers, Atlas Real Estate Advisors is ready to guide you through the currents of these trends, helping increase the value of your retail environment in this ever changing market.
