It’s not an uncommon site. Driving past strip malls or walking through the mall and seeing the empty retail space. Office leasing and corporate real estate is obviously changing. The tactics that commercial real estate agents are using to fill their space is definitely changing. During the economic and real estate boom a couple years ago, the deals that are being forged today would never have been considered.
One way that retail space is being filled is with nonprofit organizations and a variety of other such businesses – like schools, day care centers, gyms and/or theatre groups. The main factor that spaces will consider is the amount of traffic that can be brought to the area with the group involved. With a theatre group or maybe even a daycare there is going to be a variety of people brought to the location that may not have been in the area otherwise.
Traffic control is key. One of the great things about retail space is that it is always centrally located or at least conveniently located. This is the great way to get businesses in because they will be able to build themselves in a good location and attract the customers they are hoping to attract. It will not only be a great option for the business but it is also a win for the shopping center as they are going to be changing their image and drawing people in with a new tactic.
It’s an unfortunate reality that many larger retail outlets have gone out of business lately and have left some giant buildings behind. Without using these buildings they are just left to sit as an eyesore as consumers drive by day after day. Plus, some retailers that were thinking about expanding their business or perhaps renovating have put a hold on those projects in order to save some money. Space that they may have originally hoped to expand into has been left empty as a result.
Some shopping centers are also trying out different marketing concepts to test the water for future businesses. For example, smaller businesses, or spinoffs are starting up to see if they can survive and bring in new business. One example could be a Holiday specific spin on a party store. This might occupy a space for a short time and then be replaced a few months later with another type of business. This has been a successful way for retailers to bridge the gap and bring in some additional money.
Perhaps the economy has been a great way to get us unsettled and to make us consider our current lot in life. We all need a little stirring every once in awhile in order to come up with new and greater ideas. We can’t grow if we are standing still all the time. While it may feel like a difficult time and seem like the world is falling apart, we know that we can get through this thing one step at a time. By getting creative, utilizing exciting new marketing strategies and by trying something out of the box, retail space can thrive. Focus on bringing in customers not on your normal radar in order to continue to survive during this difficult time.
About the author: Jason Ausmus is a web content producer for Innuity. For more information regarding retail space or office leasing go to Royal Commercial
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Tags: office leasing, retail space