Once flourishing retail mall is having hard time acquiring and retaining tennants. Any ideas? HELP!?

Question

We've got 3 anchor stores left, with one large anchor space, formerly Dillard's, vacant. There is a plethora of vacant retail space in the common area of the mall. This particular center has a very successful food court business and is very large and extremely well maintained. Has a handful of national retailers (ie. American Eagle, Hollister, Gymboree, Gamestop, etc...) and vacant restaurant space on the exterior. Any advice on what may help turn things around is greatly appreciated, such as suggested retailers & leads, marketing ideas, etc...

Answer 1

I feel your pain. What you are facing is a factor of the current economy. If you want to attract new tenants, you need to offer incentives. The nature of same is your choice, but you will need to make 'leasing space' financially attractive to new tenants. Such incentives might include 'reduced rents' until the new business is established, as well as kicking in some of the cost of refurbing the space to the new tenant. Always understand that SOME rent is better than a vacant space. If you are holding to your previous rent rates, you're not going to get anywhere in this weakened economy.



Good luck !

Answer 2

Talk with the owners of the Burnsville Center in Minnesota. They were once threatened by the Mall of America coming to town, but have managed to retain and replace lost tenants pretty quickly. CBL & Associates. I've lived here for over 20 years, and it's still a great place to shop!

Answer 3

One suggestion would be to convert one of the vacant units into a skateboard park. This will drive younger age people to the mall. Who will then want to hook up with their girlfriend/boyfriend. Parents might do some quick shopping when they come by to pick up their kids. By driving younger people to your mall you will be default start to drive more traffic by getting their classmates, friends, parents etc.

Answer 4

It's the economy - all malls are experiencing this to some degree. Offering lower lease rates may help to fill some of the vacancies.

Answer 5

If no one is renting, maybe your price is too high.

Try offering 3 free months with a year lease or local ad support.