Month: June 2018
Early and Frequent Communication Is Key To Developing Public/Private Partnerships
Posted by Retail Attractions Blog on June 27, 2018 in Blog | No Comments
If you’re going to get a public-private partnership off to a good start, communication is essential. The more you can open up and use communication channels between each partner the more successful your partnership will be. Good communication lays the groundwork for a successful partnership, and building effective communication habits will also help keep the partnership on-track in the future.
Communication Between Partners
Public-private partnerships are complex things which often involve large groups of people. Without a plan for achieving effective communication within this partnership, the partnership can crumble. Because of this, communication is key to getting both parties working as a team.
Internal communications should include shared partnership objectives. Partners should discuss their goals and find common ground that will help them develop and agree on ways to reach those goals. Good communication allows the exchange of ideas, information, and needs that is required to support effective decision making within the partnership.
Communication Outside The Partnership
Both public and private partners should also prepare for communicating about the partnership to those outside it. Good communication within the partnership is an essential first-step for this. You don’t want different parties disagreeing with each other publicly. Make sure you’re keeping all spokespersons for the partnership up-to-date on what’s going on so they can deliver a consistent message.
External communication with stakeholders, investors, public officials, the local community, and the media isn’t something you can afford to overlook. When your partnership cultivates a transparent, honest approach through community outreach and communication, you’re taking a big step toward ensuring continued support for the project. Just don’t make the mistake of over-communicating. For example, if you announce a plan to purchase land before the deal is finalized it could drive-up land prices in that area.
Get Help With Your Communications
Because good communication is so important to the success of public-private partnerships, it’s not something you want to leave to chance. A trusted third-party consultant like Retail Attractions can help. We have extensive experience working with both public and private parties. And we know how to foster good communication within a public-private partnership.
A Retail Consultant helps you navigate the confusing world of retail development effectively. We can help with strategic planning, site selection, demographics analysis, and so much more. And since we’ll be sharing the same information with both the public and private partner, that’ll help with communication.
If you need to work with public-private partnerships, you’ll probably like my book, City on a Hill. It’s full of helpful information for everyone working on retail development in a community.
How Do I Fill Vacant Retail Space? 3 Good Ideas For Bringing In New Tenants
Posted by Retail Attractions Blog on June 13, 2018 in Blog | No Comments
2017 saw record-breaking retail closings, and it looks like 2018 could break that record again. CoStar Group calculated that more than 90 million square feet of retail space is set to close in 2018. This number is easily on-track to pass the 2017 record of 105 million square feet.
As more and more stores close down, it’s leaving empty retail spaces across the nation. This “retail apocalypse” is hitting landlords hard and leaving them with a big question: “How do I fill these vacant spaces?”
The obvious first choice is to find new long-term retail tenants. But that’s not always an option in today’s economy. In many cases, filling your empty retail spaces requires some creative thinking.
Rent To Pop-Ups
Pop-up stores rent retail space temporarily, often for just a few months. Holiday retailers who set up in the months around Halloween or Christmas are a classic example. Another is tax-preparation companies opening for a couple months before April. New businesses might also lease space temporarily to try out a market before committing to a long-term lease.
Rent is typically lower for month-to-month agreements, but it’s often better than leaving your space empty. If you’re going to rent to temporary tenants, it’s important to have basic infrastructure in place. Pop-up shops want a space with restroom, Wi-Fi, heating/air conditioning, and lighting already in place. A neutral color scheme is also a good idea so incoming tenants can personalize things how they want.
Retail space is typically in a convenient location and has readily available parking. Those two attributes can make your vacant spaces a good choice for non-traditional tenants. Day-cares, churches, community clinics, and cultural groups might be interested in your space if they know you have something available.
Renting to clients that aren’t retailers might have an added bonus. The extra traffic can make surrounding vacant spaces more attractive to retail clients, and boost sales for retailers already in the area. There’s one case in Fort Lauderdale, FL, where a theater rented rehearsal space in an upscale shopping center. This boosted sales in surrounding stores and the new location also brought more publicity to the theater. Now, the 3-year lease is turning into a permanent arrangement.
Rethink Retail Space
A long-term solution to vacant retail space could involve changing how you present the retail space. If you had a large store move out, it might be easier to rent if you sub-divide it and market the new spaces to small businesses. And if you’re responsible for a larger retail complex with multiple vacant stores, shifting your marketing focus might help. Some former shopping centers in Seattle, New York, and Denver are finding success with food-themed malls. Other locations are shifting to mixed-use and renting our former retail stores as office space.
If you found this article useful, then you’ll probably like my book, City on a Hill. It gives a no-nonsense take on economic development. Click here to check it out. And if you’re looking for expert advice on how to market your vacant retail spaces, get in touch with us. We’ll be happy to help out.