Leasing Tip of the Day: The Five ‘F’ Words Transforming Retail
Leasing Tip of the Day: The Five ‘F’ Words Transforming Retail
The only retail sector struggling in shopping centers is soft goods (clothes, shoes, apparel) due to competition from Amazon and Walmart. Other sectors, however, are thriving. For the next decade, focus on these five ‘F’ words that will dominate the retail space:
- Fun
- Food
- Fitness
- Furniture
- Physical (wellness and healthcare, especially with 10,000 aging boomers retiring daily)
These categories thrive because they offer experiences. Today, everyone is living their best lives out loud and in public, essentially starring in their own reality shows. Centers with a good mix of tenants in these categories will see great success.
So, embrace the new ‘F’ words. Fun, food, fitness, furniture, and physical (wellness) will keep your centers vibrant and thriving for the next decade. Focus on these sectors to ensure your properties attract and retain tenants, driving foot traffic and boosting overall performance.
Leasing Tip of the Day: How to Learn Your Market
If you want to learn your market, what's the first thing you should do? Get out and go for a drive. Get out of your office and drive around, making sure to notice shopping centers, drive-throughs, and more. Look through the vacancies. Walk through the anchors. See the tenants. See the customers that are walking through the tenant spaces, so you can feel and understand what's going on in your market. Knowing your market is crucial and will help you in your career so much more than just getting information from a website. I hope this encourages you to get in the car and drive! …
Knowing Your Market Means Knowing Your Competition
The other day I was talking to a fellow landlord in my market. We were…