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Enticing Retail Customers to Stay

OAKBROOK, IL—Shopping-center owners and management companies are expanding their marketing efforts beyond direct mail to expand their websites, social media and other VIP programs, Mid-America's Marget Graham tells GlobeSt.com.

By Carrie Rossenfeld | carrierossenfeld | Updated on May 25, 2017
Graham: “Ultimately, the goal is to increase the frequency of the customer visit, extend the stay time at the property and consumer expenditure to drive tenant sales.”

OAKBROOK, IL—Shopping-center owners and management companies are expanding their marketing efforts beyond direct mail to expand their websites, social media and other VIP programs in order to connect with and form relationships with their customers, Mid-America Asset Management, Inc. principal Marget Graham tells GlobeSt.com. We spoke with Graham and Mid-America Real Estate Corporation principal Ben Wineman about what shopping-center buyers are looking for in the properties they seek and how owners are working with property managers to please customers.

GlobeSt.com: What are shopping-center buyers looking for in the properties they seek?

Wineman: The market is bifurcated right now between the types of retail product that are out there and the pricing and buyer types that go along with it. There is a widening disparity in the type of buyers and pricing they’re willing to pay, depending on whether we’re talking about urban-infill retail, grocery anchored centers, power centers, single-tenant net lease and enclosed malls. The latter are controlled by the major mall REITs, but as a general statement, we see buyers active in each of those asset classes within retail. That has not changed.

What’s changed since the beginning of the year is the announcements of department store closures and bankruptcies of outdated or overleveraged retailers and a generally negative tenor toward retail coming out of the national press, including business publications and newspapers. Despite this portrayal, retail transactions are still very active and sophisticated buyers continue to be cautious in their approach.

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