LAS VEGAS—During a microlearning session at ICSC Las Vegas, Elliott Cook, the director of real estate and downtown strategies at Retail Strategies, provided valuable insights on how B or C centers can effectively attract and retain national retailers.
Cook's role as a matchmaker between cities, public utilities, and communities was central to his presentation. His firm specializes in bringing the highest and best uses to communities by conducting thorough market research, which includes customized trade area analysis, GAP analysis, peer analysis, prospect and site criteria evaluation, property inventory assessment, and analysis of gross leasable area.
Challenging the conventional perception of communities being confined to their city limits, Cook emphasized the extensive reach of consumer spending. People from a community often venture into neighboring areas to spend their dollars, and likewise, visitors from other communities contribute to the local economy. This realization underscores the need to consider a broader trade area when strategizing to attract national retailers, he explained. "Analyzing drive times and conducting peer analysis to identify similar communities and their successful retail lineups become vital components of this approach," he noted.
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Knowing the target prospects and understanding the existing market voids are essential factors in attracting and retaining national retailers. Cook emphasized the significance of property owners having a comprehensive understanding of the gross leasable area in their community, as well as maintaining a rent roll. Such insights empower property owners to present available retail spaces effectively during meetings, leaving a lasting impression on potential tenants, he said.
From the perspective of the city, Cook highlighted the importance of adopting a similar approach. Cities need to identify their highest and best use opportunities, locate vacant lands, and assess available spaces. By doing so, they can effectively position themselves as attractive destinations for national retailers.
Another critical step in the process is conducting a retail void or GAP analysis, which involves understanding the concept of the radius ring, he explained. Utilizing data for the community's best interest becomes essential, and Cook encouraged the audience to leverage cell phone data collected through location services. "This valuable information aids in market analysis and enables property owners to make data-driven decisions."
Cook noted that the retail industry has shown resilience and evolution in the wake of the pandemic, with numerous retailers thriving in the current landscape. Again, acknowledging the role of cell phone data in market analysis, he emphasized its importance to property owners. "By leveraging this data, collected from cell phones with location services enabled, property owners can gain valuable insights into consumer behavior and tailor their strategies accordingly," he said.
Incentives emerged as a key factor in attracting national retailers. Cook underscored the necessity of proving the community's profitability for retailers. "Retailers have numerous options and engage in conversations with multiple property owners across different markets," he said. "To stand out, communities must demonstrate value and profitability, showcasing their ability to support a retailer's success." It is crucial to understand that retailers can withdraw from agreements at any time before an opening, he added, making it essential to establish trust and demonstrate the community's potential.
Cook concluded the session by emphasizing the importance of proactive outreach beyond the ICSC Las Vegas event. "Establishing the right contacts and cultivating relationships with active tenant representatives in the community are vital to achieving success. These efforts extend beyond the immediate event, ensuring future collaboration and business opportunities," he said.
Stay tuned for more coverage of the ICSC Las Vegas event from GlobeSt.com, including exclusive insights from attendees. Also, check out the related stories already posted below:
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