“There is no such thing as bad weather, just inappropriate clothing” as the outdoor enthusiasts say. The same principle applies to retail properties. There are no bad locations, just the wrong ideas, poor presentation, bad design and incorrect tenant mix.
A second chance
Sales & success in any Centre relies on building customer loyalty, frequency, and maximising dwell time. Poorly performing properties cannot be easily moved, although with considered repositioning, investors and developers they can get a second chance. It is important to set a dynamic cycle of success in motion.
The chameleon is a master at understanding and adapting to its environment so how can an Outlet Centre mimic this ability to survive?
Firstly you must understand your market and in-depth research, analysis and of course interpretation are the basis for all future decisions.
An attractive environment draws consumers and tenants into a shopping centre. This is a costly but important physical element which can be seen as a positive commitment to change. As expected customer frequency is one of the most important indicators in order to draw in and secure new tenants so a good programme of marketing and events is essential.
Repositioning is the supreme discipline in retailing.
Repositioning is the supreme discipline in retailing. It requires extensive experience, patience, considerable investment and a clear vision. Success does not come easily although the rewards can be significant.
In retailing it is not just the ability to recognise the potential of a location, but the marketing know-how to create an attractive brand where changes can be made through good contacts in the international retailing scene in order to secure leases with eye-catching tenants.