The owners and managers of retail property need to get back to basics to provide the best possible environment for tenants to succeed in the current challenging market conditions. While there is a lot of doom and gloom surrounding the retail market, the bottom line is customers will spend money if all their needs are met and they are treated properly.
This is not just an issue for individual retailers. When times are tough, retailers need all the help they can get and landlords and centre managers have to play their part too by ensuring the fundamentals are in place for everyone to succeed.
Communication is still key
Unfortunately, a lot of the basics of retail property success have been lost under the weight of the modern-day reporting and accounting workload. Property owners and managers have to remember to get up from their desks and communicate with their retailers. It may sound obvious, but it has never been more important than in the current market, and it is amazing how many people are just forgetting to do it.
Get to know your retailers inside and out
It also important for landlords to get to know the intricacies of retailers’ businesses, such as stock turn, presentation, retail accounting, seasonality and terms of trade. By spending time talking to retailers, small issues will not build up into big ones. The fundamentals of retail success are built firmly on meeting the modern-day demands and expectations of customers. This extends right down to ensuring standards in areas such as safety, security, cleanliness and presentation are consistently met.
Understanding the modern retail customer
Modern retail customers are very sophisticated and discerning. Their standards are high and if they are not met, they have no hesitation in travelling elsewhere. With a growing range of convenient online options available, shopping is a social experience and shoppers want it to be enjoyable. If you get the property fundamentals right, then you are well on way to getting the customer service right. To achieve this, it is essential that retail owners and managers work pro-actively and co-operatively with their retailers in the current market.