LAS VEGAS—At last week's ICSC Las Vegas event, Amanda Metcalf, the editor-in-chief of Commerce + Communities Today, moderated a panel discussion, where one of the topics of the day revolved around the question: What are landlords looking for when it comes to selecting tenants?
Emily Durham, the Senior Vice President of Food & Beverage Advisory at JLL, said that with a wealth of experience in the field, Emily emphasized the paramount importance of stability for landlords. They sought credit tenants, franchises, and particularly multi-unit franchisees. It was an ongoing conversation between landlords and tenants, often marked by divergent interests. Emily emphasized the necessity of finding common ground, urging both parties to meet in the middle for a successful partnership to flourish.
Kwame Brathwaite, the Senior Vice President of Real Estate Development at Kitchen United, took the floor next. He shed light on an intriguing aspect of landlords' desires — an inclination towards experiential offerings for their tenants. Landlords, in their quest to entice people back into office spaces, aimed to provide an enticing array of choices and variety. They sought tenant concepts that could bring a touch of excitement and convenience to their properties, ensuring tenants need not venture outside the premises for their desires to be fulfilled.
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Dannon Shiff, the Senior Vice President of Real Estate at Dave's Hot Chicken, took the opportunity to share his company's remarkable growth story. As an almost exclusively franchise-based business with a presence across multiple locations, Dave's Hot Chicken had caught the discerning eye of landlords. The brand's meteoric rise from a mere seven restaurants in 2020 to an impressive 130 at present had firmly established them as an emerging powerhouse. Landlords, in recognition of Dave's Hot Chicken's robust financials and potential for further expansion, viewed them as a new and exciting brand, a known entity and a reliable tenant.
Last but not least, Patrick Chamberlain, the Chief Development Officer of Hart House, shared his perspective on what landlords sought in tenants. He emphasized the need for inherent flexibility, particularly in dealing with second-generation spaces. Landlords required tenants who could efficiently adapt to existing layouts, effectively utilizing the available space. The ability to mobilize quickly, develop an efficient layout, and navigate the process smoothly were all highly sought-after qualities.
As the panel discussion progressed, it became clear that landlords were in search of a diverse range of characteristics in their ideal tenants. Stability, creditworthiness, experiential offerings, financial strength, and adaptability were all factors contributing to their decision-making process. Amanda Metcalf deftly steered the conversation, extracting valuable insights for the captivated audience.
The panel concluded with a resounding message: The successful partnership between landlords and tenants hinged on finding the delicate balance between their respective interests and aspirations. By bridging the gaps and striving for mutual growth, landlords and tenants could forge lasting relationships, elevating the commerce and community experience to new heights. And so, armed with newfound knowledge, the attendees left the event inspired to create thriving spaces that would captivate and delight tenants and visitors alike.
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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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
