If you are tenant, in a shopping centre or not, it is vital that you keep your landlord appraised on what you re doing as a retailer which adds value to their centre.
Shopping Centre landlords are especially selfish and only care about the value of their property. This is why it is essential that you share every good story you have. Here are some suggestions for landlord communication, there are items newsagents ought to send to Centre Management:
- Newsletters. Each time you send a newsletter to your customers, include Centre management in your mailing.
- Advertising. Send them a clipping of all ads you do.
- Seasonal promotions. Email them a photo of any special seasonal promotion – showing the excitement you bring to the centre.
- Press clippings. Work at getting quoted in the local newspaper. Copy these stories and provide them to Centre Management.
- In-store demonstrations or events. Each time you hos an in-store event, demonstration or the like, let your landlord know as this is evidence of you adding value to the centre experience.
- Relay and refresh. each time you relay products like magazines or refresh your offer in some way, let centre management know – they could include this in their own shopper communication.
The more you communicate with your landlord about what you are doing in your newsagency the more valuable a body of evidence they will have should they be approached by another party to open a newsagency or take over your tenancy in the centre.
Banging your own drum to your landlord is a smart and vital move for any newsagent.
Some newsagents I have discussed these and related ideas with have expressed concern that they should not have to go after their landlord in this way. The reality is that you do, it is vital to achieving better positioning when it comes time to discuss a new lease. A proactive retailer is more valuable to a landlord. Some landlords will not for themselves how proactive a retailer is.
We are accountable for the perception our landlords have of us.
Certainly is food for thought. Thanks Mark.
Im just in the process of sendin my landlords an appraisal of how our business is performing at the moment. This is due to their genuine concern about growth not being what they or I expected as a result of taking on a much larger shop.
Due to the fact that they are the type of landlords who will assist tenants where possible, I am going into a fair bit of detail beyong the usually monthly total sales figures and treating the document as a short term business plan. I am confident that they will respond positively as while the figures show only moderate growth in sales the profit margin is growing at a higher rate. I expect this will encourage the landlords to further support initiatives we are undertaking to improve the business and all should benefit.
Our landlords do appreciate knowing how individual tenants are travelling as it helps them strenghen the centre as a whole.
I felt this fitted in well with Mark’s original post.
Brendon, are they “corporate” or another type? Are you their only tenant, or are there a small group of you together?
I am my landlords only tenant, different situation to many. Just curious you care to share, I have till 2014 to plan ahead for the next renewal