The new era of retail real estate means most commercial property owners need to adopt innovative strategies in order to compete in 2019 and ahead. So we asked a local real estate marketing agency for some ideas on how real estate investors looking for a value-add retail investment can succeed in 2019.
Below are a collection of ideas they put together. Some which we think are really innovative real estate marketing strategies. The successful real estate investor could have tremendous success in the new retail economy by adopting this comprehensive strategy.
Perhaps, the best strategy retail property owners can adopt is to become more local. While that may sound strange since commercial properties are often as local as it can get but overall they often are only local by their location.
Becoming more locally focused means retail and mall property owners need to adopt more local marketing strategies.
From older suburban malls to newer town centers, the commercial property owners who focus on most-effectively driving foot traffic and property recognition are going to find themselves the winners of retail in the new e-commerce age.
Malls Need To Become a Better Neighbor
We see the winners of the new retail paradigm as the property owner who can best become ingrained into the fabric of local life. As a local retail owner or developer, you must constantly be focused on how can I be the best neighbor possible?
How Does A Retail Property Market Itself Better?
The key is to drive people for events and instances outside the normal shopping experience. Start trying to drive more bodies to your property using events and marketing efforts they incorporate social media and if possible driving people to “check-in”.
- Become the host for local events.
Instead of only being open during your business hours, realize you have numerous opportunities to add plenty of foot traffic, outside of business hours. From hosting winter 5K’s to local meetups or parents groups, it’s all about getting people in the door consistently.
- Start using the underutilized parking spaces.
So many older malls have expansive parking lots that are rarely if ever including the Holiday Season, being used to capacity. Start filling those lots. Host a Farmers Market or Popup beer garden, maybe find a local non-profit to co-sponsor an outdoor fitness or wellness event. Start thinking about how can I bring bodies back to my property.
- Act more like a business association.
Part of your goal as a mall or retail owner should be to help your tenants succeed. Vacancy is a killer, you want your tenants doing well especially for those on net leases. Help them succeed by marketing them as an extension of yourself. Promote – Promote – Promote run co-sponsored Facebook and social media marketing campaigns leverage your tenants to help yourself.