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In a retail shopping centre management, you need to keep a close eye on the competition properties that surround you. It is these properties that will the impact your trade and the tenants in your shopping centre.

Every shopping centre has a main theme or identity in the community, and its own customer profile. Importantly you need to select the image that your property should project to the community and the customer. If you do not do this, the customer will do it anyway and perhaps choose an image that you do not want in the community. At the very basic end of shopping centre marketing, you should give your property a name and logo that can be featured across all marketing material in the future. Importantly the choice of name and logo should have some meaning to the community.

When the theme or identity is well chosen, the customers do not get confused in the shopping process and they know why they should visit your property to solve their shopping needs. Are you offering a convenience shopping experience as a neighbourhood centre? Or are you offering something more significant as a retail shopping experience for fashion, lifestyle, family, and recreation? You need to make your choice and then build your shopping centre identity around it. Consistent branding of the shopping centre is fundamental to your success in attracting customers and maintaining tenant occupancy.

So where are the competition properties around you and how do they affect your shopping centre? The following is a strategy to understand your trade area and the properties that you compete with.

Trade Area Definition

The first step is to define your properties trade area on a map of your local region. Define where your main customer base comes from. That customer base will be that which produces 75% to 80% of your trade.

The next step is to clearly define your customer in groups and segments. This can be something which is also impacted by days of the week, such as pensioners shopping for food on Thursdays or Fridays. Establish the patterns of shopping by segment and by days of the week.

To define your trade area quite clearly you will also need to incorporate the following considerations.

• Distance travelled and accessibility to the property need to be understood from the customers’ viewpoint. Exactly where are the customers coming from and how did they get to you. Was the experience of travel easy or complicated due to road traffic patterns? Are you impacted by peak hour traffic? Is public transport servicing your property, or is it nearby?
• Location and strength of competition property in the region should be individually assessed. This will include the types of tenants, an estimate on the amount of customer visitation, the reasons why customers visit other properties, floor plans of the properties, and statistics of tenancy shops and areas. Visiting the other properties on different days of the week, as well as talking to their customers and tenants gives you the strategic advantage.
• Natural and physical boundaries are always a concern. They can be bridges, Creeks and Rivers, highways, and natural barriers from the geography of the area. These types of boundaries can be major challenges to the operation of a retail property.
• Drawing power of any of your major tenants is an important factor in your retail property. If your major tenants draw customers from a geographical location, that may be a positive or negative outcome. Your major tenants can bring you a specific demographic of customer which has limitations on the property. Understand what your major tenant does to you and your property, and then make appropriate adjustments to offset any challenges identified.

Retail property is a strategic investment choice. It is a dynamic type of property investment requiring careful management and leasing processes that enhance tenant occupancy and customer visitation. It is a fine balance that needs to be well nurtured. In that way you will strengthen your rental and future sale opportunity.

John Highman is an expert in investment real estate strategy and performance. He is a keynote speaker and coach that helps property investors, and real estate agents globally to improve their commercial real estate property opportunities and targets.

John has specialised in major commercial, industrial, and retail property for over 30 years. He knows what works and what doesn’t. He gives you the ‘good oil’ on getting active and achieving results.

You can get John Highman’s free tips and tools in commercial, industrial, and retail property at http://www.commercial-realestate-training.com

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In the 2009 issue of New Jersey eAuthority, there was news published regarding the Schley v. Microsoft Corp. case. Apparently Microsoft revoked its written job offer to a candidate after failing the background check. According to the story, the plaintiff was sent a letter by Microsoft telling him that he’s being offered a job for the company. It did however, mention in the letter, that the offer only is effective if he’s cleared after the background check. He probably missed that part through all the excitement, because he ended up, not only without a job, but without a home as well. It seems that he went to talk to the hiring manager who, maybe simply trying to be friendly, suggested he quit his job, sell his house, and transfer from New Jersey to Washington, to be prepared for the position, which he instantly did so. But he later then was told he failed the admission for the job after being found out that he had a felony conviction record.

This incident is a grave example not only of what jumping into conclusions could do, but what a criminal background check result could cause. Although the story might have sounded so negative because of the deprivation of work for the said plaintiff, it should be remembered that the letter was at some pointed drafted to mean well. It even included the conditions about the offered work. Almost every establishment around the state, especially the large ones, requires not only a criminal background check for its employees and applicants, but a comprehensive background search all in all. These background checks cover everything from previous employment history, to significant license and credit records, and many more. These prerequisites are necessary in order for the company to be able to evaluate an applicant or employee’s capacity, attitude, assets, and behavior.

In most cases, the incident above could have gone a different route had at some point the plaintiff disclosed the felony conviction prior to the job offer. This information could prove to be helpful in finding ways to contradict a company’s withdrawal because if they had known about it before, say during an interview or something, they wouldn’t have the reason to be shocked after the conviction appeared during the background check. However, if the said information wasn’t disclosed, then the applicant really is at fault. Basically because he should have known the effects of a felony charge being in an individual’s background. This type of information is a terrible case sensitive issue that should immediately be relayed to the hiring committee so as to be cleared whether it would influence your application’s process. When you’ve done all these, at least you’re guaranteed that when they do request a background check from you, they already know at some point what to expect from it. And that the information you shared to them, after they had heard it, wouldn’t bother them nor go in the way of your application anymore. If and only if, they’d still consider the process after you’ve told them about the condition of your background record.

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