When it comes to implementing successful shopping centre management and leasing strategies, a shopping centre survey can help you with essential decisions relating to the tenancy mix, vacancy management, rentals, property performance, and marketing. On that basis, the survey process should occur at least once in every calendar year so you can stay ahead of changes in the property market and retail shopping patterns.
The results that you get from the survey should be tracked and managed as part of the property business plan. You can then see how the property and the customer base are changing. Those observations will help you with tenant selection and placement.
The retail customer survey should occur at different times of the year taking into account customer profiles, holiday periods, and regional economic circumstances. What you’re looking for is essentially the changes to the customer demographic and the shopping patterns. When you see the changes, you can adjust the tenancy profile, the shopping hours, and the product offering. Small changes aligned to the customers can help property performance in a major way.
Here are some tips to help you with structuring and implementing a successful retail shopping survey:
Given all of the above facts, you can approach a professional marketing firm to implement the survey on your behalf. They should have proven experience in the process and thereby provide to you a list of questions and targets to be merged into the survey structure.
Typically a shopping centre survey of this type should be staged over three or four weeks, undertaken at different times of day, and on different days of the week. You can then chart the results and look for the patterns in customer requirements and spending. If funds allow, you can run the survey every 6 months, hence tracking trends and changes more effectively.
When you have all of this information, you can then more effectively relate to vacancy issues, property operating costs, marketing changes, common area usage, and lease negotiations. Over time those elements will help you with improving the tenancy mix, and ultimately the rental income from the property. They say that a successful shopping centre is commonly the result of a successful tenancy mix supported by a well-directed marketing campaign and a realistic landlord.