FSP Retail

FSP Retail Blog

Who's determining your requirements?

Posted At : 04 August 2008 22:43

I understand FOCUS – the service provided by CoStar - has reverted to providing the Requirements List in Word format. Although I’m sure everyone appreciates their chivalry in doing so, I’m still rather surprised that people other than short-cutting letting agents have a use for it – Word format or not! It is the retail and catering mix of the centre that sets it apart from its competitors. The mix should therefore be under the control of its managers, not the whims of retailers.

You don’t need to rely on the Requirements List to determine your tenant line up. Shoppers are attracted to the centre by what’s inside and retailers are attracted by the profile and behaviour of the shoppers. Retailers who understand their own customers will want to know how the centre’s shopper profile relates to their own customer profile. Your tenant mix planning should rely on the shoppers you want to target. Your letting strategy should be to show your preferred retailers how your centre can work for them, irrespective of what the requirements list states!