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News article

Shop for Rent in Shopping Centre

Published: 18 May 2020

Looking for a Shop for Rent? Why Tenant Mix Matters

 

If you are looking for a shop for rent in a shopping centre, you will probably consider the key metrics that include the foot traffic count and demographics of the shoppers. You know the importance of stable anchor and secondary anchor tenants. Then there is the matter of location – not only of the shop for rent in the shopping centre, but the location of the mall too.

 

With all our shopping centres already meeting requirements such as strategic location to main routes and ease of accessibility, high foot count and stable anchor tenants, you will not have any trouble in finding a shop for rent in a shopping centre that ticks all the boxes.

 

What About Tenant Mix?

 

A well-managed property portfolio includes a blend of tenants that support each other. An incorrect tenant mix spells failure for the mall because the customers will not be able to get everything they need in just one visit. As such, the centre needs the glue tenants, which are those tenants that bring customers back on a regular basis. Without such tenants in the mix, the customers may visit only once in a while. Without enough foot traffic, the stores suffer and at the end of the day, the mall has a high rate of tenant turnover. If the occupancy rate drops below a certain level, the foot count becomes less, and the tenants lose more income.

 

A mall without a food store can succeed but then needs another major traffic generator. People purchase groceries regularly. This is what brings them back to the centre. Restaurants, fast-food outlets, and snack stores provide for quick conveniences and entertainment value.

 

Business facilities such as communication stores, stationery shops, banks, security providers, exchanges, travel agencies and the likes bring in the business clients and cater to the occasional essentials for other patrons. Clothing stores bring in female shoppers. If the stores cater to family clothing, then children can be expected to come along to the mall.

 

Also consider the importance of retail stores for rent that support each other in the particular shopping centre. If the mall is located close to a school, it may include a grocery anchor tenant, stationery store if the grocery store doesn’t sell stationery, perhaps an art supply provider, fast-food outlets, dry cleaner, shoe repair store, clothing retailers, nail bar, hair salon and perhaps a barbershop, post office, bakery, and a bank. What is important is that the tenant mix should work for the particular demographics of the mall.

 

How We Help You to Make an Informed Decision Regarding Space for Rent

 

You will find that we provide rate cards and shopper profiles for the retail centres in our property portfolio. This makes it possible to get an overview of the target audience, foot count, parking bays, number of tenants, anchor tenants, media facilities and exhibition potential.

 

We understand the importance of a balanced tenant mix to ensure the success of our tenants. That is also the reason why our malls have high occupancy rates. However, from time to time, retail space becomes available. With it in mind, discuss your retail space for rent needs with our brokers and centre management or consultants. They can notify you when a shop for rent opportunity opens up in the mall of your choice.

 

What You Can Expect When Looking for a Shop for Rent in One of Our Malls

 

An example of what you can expect from our centres is the Blue Route Mall in Cape Town. It is located in Tokai and offers breathtaking views of the surrounds from many areas in the mall. The mall is located only ten minutes from Claremont and 20 minutes from the CBD. With a mix of 120 tenants, it caters to every type of shopping requirement. The mall is about convenience, quality, and diversity.

 

Blue Route Mall has a GLA of 56 143 m² of shopping convenience. It has an annual foot count of 8 188 000. Checkers and Woolworths are the two grocery and food anchor tenants. The mall also has a Ster-Kinekor as an anchor for entertainment, while The Foschini Group is one of the clothing anchor tenants. Download the rates and shopper profile cards for more information.

 

View our range of shopping centres under the Other Indoor and Outdoor Spaces category of the Need Space main section. Get in touch for information about shop for rent opportunities in any of our malls.

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