National Chains’ Loss Are Local Companies’ Gain
These are confusing times for shopping centers. With national brands wavering and so many big box stores closing up shop, the future of retail is unclear.
While some see the signs pointing to permanently empty storefronts, we’re seeing more possibility and opportunity within local markets for these newly available spaces.
Big Chains are Losing Links
Every day, more and more national chains are reducing their store size, leaving shopping centers altogether or throwing in the towel and filing for bankruptcy.
These signs don’t necessarily spell trouble for the economy or the local centers, but they do provide a hurdle for leasing agents.
When the big box stores retreat towards headquarters, shopping centers are left with large, empty spaces. Understandably, leasing agents often try to fill a large space with another large tenant.
However, those large tenants of the past are increasingly hard to find as big chains contract and consolidate across the nation. Luckily, there’s another solution – or rather a few smaller ones.
A Space for Opportunity
If a big space isn’t drawing big interest, it could be time to consider a change that will provide the opportunity for a new kind of tenant.
Smaller spaces catch more interest as they’re ready to serve a broader range of uses, increasing your potential tenant pool as well.
Creative thinking paired with the courage to break a big space into several new spaces could be the right solution for leasing, while also providing the window for a fresh new tenant mix.
Local Is Moving In
The same centers where corporate stores can’t hang on may very well be the place of opportunity for local businesses looking to grow beyond their established market.
For local business owners, these newly available – and appropriately sized – spaces provide an optimal stepping-stone to expand into nearby territory that is already familiar with their business.
Furthermore, any shopping center that incorporates local companies into their tenant mix is creating a unique identity while increasing foot traffic across the board.
These circumstances in retail markets have provided the opportunity for small business to come back to the table, and those businesses are more than happy to pull up a chair.
A Familiar Firm
This is a rare chance for retail centers to fill their space while renewing their commitment to local businesses and their communities.
With decades of experience in local markets across the Mid-Atlantic, Trout Daniel & Associates has the insight and expertise you need to bring local businesses into new communities of retail shoppers, while repurposing those big spaces left vacant by previous tenants.