Those responsible for attracting retail really need to learn the vernacular – the language of retail and the dynamics of deal structures. Monitor the trends in the industry. Pay attention to what preferred tenants are doing inside the store and out. Learn what tenants need to enter the market and about their specific site requirements. Compile this data and other relevant metrics for them. Make it easy to find, in print and online. Build trusting relationships early in the recruitment process, as it can take years for a lease to happen. Look at your internal protocol and approval processes, including zoning. Be proactive. Moreover, don’t be afraid to use your imagination. Here are 10 takeaways to help ensure success:
- Garner political will and local support.
- Collaborate with local industry leaders.
- Develop relevant tools and incentives to support existing and new retailers.
- Collect basic economic data about your specific geographic market to determine potential retail demand.
- Track retail and market trends.
- Identify key retail streets/areas and collect retail square footage numbers – net rentable square footage, lease information – and build a database with contact information, photos, etc.
- Create simple marketing materials to support findings and help sell the vision to owners and potential retail clients.
- Begin recruiting retailers who fit the mix.
- Know the space requirements of retailers, and product available.
- Know what criteria retailers need to enter the market.
Source: IEDC Now