Investing in retail development can be a risky proposition for a developer. If the deal succeeds, they’ve improved their bottom line and increased their customer base and market appeal. But if the deal falls through, they’ve lost a significant amount of money and time. When you’re marketing your community for retail development, you need to present developing in your location as an opportunity, not a risk. The more you understand a developer’s needs, streamline the building process, and commit being a supportive partner, the more likely retail development will be an all-around success.
Understand Developer’s Risks
Uncertainty is one of the key things that can turn a developer away from working with a community. Even if your community offers a good location that the developer is interested in, a high enough level of risk and uncertainty can still scare them away. Put yourself in the developer’s shoes. Would you invest in a community if you’re not certain it will support your retail development efforts or if the permits process sounds excessively confusing? Probably not – you’d look for a different location where you think the development deal would proceed more smoothly.
Reducing the level of uncertainty a developer sees coming into your community can be a daunting prospect, especially if your community doesn’t have a history of negotiating retail development deals. Retail Attractions can help you understand what developers are looking for and provide guidance on making your community more attractive. You can start by streamlining the permit approval and document review processes before you even start talking with developers. The more simple and easy to understand your approval process, the more attractive working with your community will be. You can also assemble suitable sites for retail development and get infrastructure in place for your future partners.
Balance Community Interests
Another thing retail developers are looking for is support. They want to know the community leaders will be on their side if disputes arise regarding the new development project. Opposition to new development is fairly common, and you need to be ready to speak up and support your partner. That said, minimizing the risks and uncertainty for potential business partners shouldn’t mean sacrificing your community’s interests. You want to support your development partners and be honest with them, while still making sure the project benefits your community. One key to this is open and honest communication. Be up-front about what you will and will not do in this partnership, honor your commitments, and don’t surprise your partner with hidden costs and fees. Want help navigating the tricky world of retail development partnerships? Contact Retail Attractions today to learn more about how we will tailor our consulting process to your community’s individual needs and help you attract just the right developer for your project.