On the other hand, a 50,000 square foot commercial property without an anchor can be successful, even if it's located far from the intersection, if it's a focused center. Location is still key for strip centers. Centers located in high-traffic areas in quality markets are much more likely to enjoy lower vacancy rates and higher rents. Rents in shopping malls are often more affordable than they would be in high-traffic or more exclusive areas.
You're also probably among many other businesses that people are still getting into. Barbershops, coffee shops, sandwich shops, grocery stores, and nail salons are common tenants of malls. These types of businesses are among the types that aren't quickly being replaced by online retail. A commercial property executive contacted DP Management's director of retail leasing, Brett Heimes, and asked him to share his ideas on how strip clubs can continue to be relevant in today's business climate.
The TCN Worldwide member has a significant presence in the Midwest, and his portfolio currently encompasses more than 30 malls and malls. The center must have excellent lighting to ensure safety at night, a clean and well-striped parking lot, an appropriate and quality landscape, as well as good directional signage. Shopping malls also show a growing presence of service-oriented retailers, such as barbershops, hairdressers, nail salons and other personal care retailers, which cannot be replaced by an online retailer. Even small malls benefit from pleasant seating areas and beautiful landscapes, something that often accompanies small restaurants and cafes.
Perhaps in the snow belt states, where winters are especially harsh, consumers will appreciate a small center with a climate-controlled commercial area. Many successful malls have supermarkets, high-end movie theaters and fitness centers. Centers of this size are often too small to house the presenter of a supermarket and too big to be filled with typical convenience stores that succeed in small strips (pizza shop, beauty salon, dry cleaner, convenience food store, substore and drugstore). While a health club can be a good foundation for a small swath, the developer must weigh the economic aspects of such an agreement before construction.
Older malls may have maintenance problems or need improvements, but even these places can be investments worth investing in. Since few new malls are being built, immediate demand from tenants has revitalized many malls, especially those that were built 20 or 50 years ago. Service-oriented businesses that fill the surrounding spaces improve the overall convenience offered by the mall. What follows in these situations is the development of intermediate sites where small farms are built, often for speculative purposes, and then rented to unsophisticated family retailers living in the area.
Of course, you probably can't control the development of other nearby malls, but you can ensure that your mall remains relevant and well-maintained to attract not only popular tenants, but also unique ones and create the right mix.