Marketing your vacant retail space: what would Einstein have said?

Marketing your vacant retail space: what would Einstein have said?

Albert Einstein is reputed to have remarked that doing the same thing over and over again but expecting a different outcome is not very sensible. To be truthful, he expressed it far more harshly than that.

When it comes to marketing, doing the same thing over and over again is likely to lead you on the road to nowhere. Unless, of course, you have hard evidence to prove that what you’re doing is delivering on your objectives. But then again, you may be selling yourself short as regards outcomes. Could you be marketing more aggressively for better returns?

Moving from a macro perspective to a micro one

As the landlord/ centre manager/leasing manager of a retail centre, you likely follow a standard method of marketing your shops-to-let.

• You paper up the vacant space and put a TO LET sign on the door or in the window.
• You place an advert on a national leasing website.
• You design a standard flyer and email it to your network of contacts.
• You call around, fishing for leads.
• You add the empty shops to your vacancy schedule which a database of brokers has access to.
• You advertise shops-to-let on your website and head office site.

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Tough questions need to be asked

How often do you assess this marketing approach with questions like these?

1.???Does this method work and fill space as quickly as you need it to?

2.???Do you end up compromising and placing tenants who aren’t really compatible with the tenant mix or don’t enrich the mix?

3.???Do you end up negotiating rents down because there’s no competition for the space?

4.???Is the marketing strategy giving the centre exposure to a wider pool of potential tenants?

5.???Is the way you market your shops-to-let revenue-generating?

6.???In this age of proptech are you synergising marketing and technology in ways that could create new value for this retail asset?

7.???When competition to secure retailers is fierce, is a ‘standard’ marketing approach good enough?

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Add muscle to your marketing

At PolygonProp we’ve seen first-hand how bringing marketing and technology together can add far more muscle to your marketing efforts and take them from ‘standard’ to ‘world-class’.

Here’s how:

• GLOBAL REACH:?When your shops-to-let notifications appear on our online platform - which has global reach - your virtual TO LET sign can be seen countrywide and worldwide - not only by local foot traffic passing the shop window.
• TARGETED MARKETING: Once your shops-to-let are loaded on the PolygonProp leasing platform, the chances of them being seen by a targeted pool of retailers who match your tenant mix criteria is hugely boosted.
• HEAT UP THE COMPETITION: By exposing your shops-to-let to PolygonProp’s vast audience, the competition to secure space in your centre heats up. You end up lease-negotiating from a far stronger position.
• REVENUE-GENERATION: Lease negotiations from a position of strength result in desired rentals being achieved i.e. your marketing has aided revenue-generation.
• ASSET VALUE: The quicker your empty shops are filled, the higher the rentals and the longer the lease periods you can achieve, the greater the value of your asset.

Five more powerful reasons to add PolygonProp’s smart-tech tools to your marketing efforts would be hard to find.

www.polygonprop.com

Go on. Do it differently. Enjoy more profitable outcomes.

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