Savvy owners of retail properties understand the importance of achieving the perfect tenant mix. After all, the success of their shopping center may depend on it. That’s because a good tenant mix creates synergies that benefit both tenants and landlord.
Now that concept is being extended to mixed-use projects, where developers are carefully curating the tenant mix to ensure that retailers complement one another and ultimately benefit the tenants as well as themselves.
Here are five tips for curating retail at your mixed-use property:
- Understand your market and your project. Remember that retail is viewed by tenants as an amenity, so be sure to select retailers that meet the needs of your tenants as well as the neighborhood. Retailers should help create a sense of community at the property. One example: a coffee shop, where residents gather.
- Seek out experiential retailers—fun, hip stores that attract visitors because they provide them with experiences or entertainment. One example: Sur La Table, which not only sells cooking supplies but offers cooking classes.
- Start early. The days of building a project and then leasing it up are over. Evaluate tenants during development or construction, and sign them on early.
- Mix it up. People who choose to live in a mixed-use project are seeking a live/work/play lifestyle. Make sure that retail tenants provide for all needs of residents wanting convenience.
- Curate tenants in offices too. Some owners of large office buildings are already adding curated retail on the ground floor as the line between work and home dissolves for many hardworking employees. Businesses may consider it a benefit to offer employees easy access to a dry cleaner or hair salon, for example.
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