Brandon Scogins’ Post

Episode 6: Navigating Tenant Improvements Best Practices for Shopping Centers https://lnkd.in/gxw7ZDn9

Gen Z and Gen Alpha, with critical in-classroom school years stolen from them due to the pandemic, are prioritizing opportunities to find social interaction through experiences like travel, concerts, dining out, and shopping. Current projections show that shopping centers are once again becoming a major social and entertainment destination - a trend that lifestyle and luxury retailers are embracing by expanding their retail presence in premiere shopping centers across the nation. More and more, shoppers are choosing retail over e-tail! #ShopLocal

• Historic Low Availability: Shopping center space availability has steadily declined, reaching historic lows. • Broad-Based Demand: Demand for retail space is high across regions and store sizes, driven by national retailers’ expansion. • Fierce Tenant Competition: Retailers compete intensely for prime locations, leading to higher rents and quick leasing. • Record Leasing Speed: Average leasing time for retail space is now just 8 1/2 months, the fastest in over two decades. • Aggressive Leasing Strategies: Tenants use creative strategies to secure prime locations, marking a shift from landlords seeking tenants.

Tenants Are Your Customers Too. Most mall managers obsess over footfalls and revenues—and rightly so. But here’s the metric no one talks about: tenant satisfaction. Happy tenants = longer leases, better experiences for mall visitors, and a better bottom line. Yet, tenant satisfaction often takes a backseat in mall operations. Why? Because we don’t actively measure it. Malls using Proptor to conduct tenant satisfaction surveys report: 👍 18% fewer tenant complaints. 👍 12% higher lease renewal rates. Here’s a simple takeaway: Treat tenants like VIP customers, and your mall thrives. What’s one way you’re currently measuring tenant satisfaction? I’d love to hear innovative ideas from this community.

Let’s explore the thought process… When servicing a site like a retail center, why can it be problematic to stage leaves in a location like this during service and normal business hours? It’s in the front by the way. #commerciallandscaping #landscaping #serviceprovider #facilityservices

Are you dreaming of constructing a shopping centre in your city? Here is a free guide for you that will help you understand the complexities of retail development. Here's what this guide covers - -> Benefits -> Risks -> Role of a developer -> Development strategy -> Finding the best location -> Market analysis -> Development Team -> Design Principles -> Cost affecting factors -> Marketing -> Feasibility Give your 3 minutes to read this article, and you will all set to start with your retail development. Click the link below. https://lnkd.in/gqnuWtsy #retaildevelopment #commercialconstruction #commercialretail #commercialretailconstruction #RetailRealEstate