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RETAIL LEASING FOR COMMUNITY ORGANIZATIONS Institute for Comprehensive Community Development January 12, 2012 Larisa Ort

RETAIL LEASING FOR COMMUNITY ORGANIZATIONS Institute for Comprehensive Community Development January 12, 2012 Larisa Ortiz Pu-Folkes. Why does tenant mix matter?. Overview. Positive correlation between . Results in . Store mix. Shopper preference. Shopping density .

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RETAIL LEASING FOR COMMUNITY ORGANIZATIONS Institute for Comprehensive Community Development January 12, 2012 Larisa Ort

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  1. RETAIL LEASING FOR COMMUNITY ORGANIZATIONS Institute for Comprehensive Community Development January 12, 2012 Larisa Ortiz Pu-Folkes
  2. Why does tenant mix matter?
  3. Overview Positive correlation between Results in Store mix Shopper preference Shopping density Higher real estate values Access Retail sales growth
  4. NEIGHBORHOOD RETAIL LEASING PROGRAM BACKGROUND: BASED ON LISC’S APPLIED RETAIL ATTRACTION TRAINING CLIENT: NYC DEPT. OF SMALL BUSINESS SERVICES PARTNER: JGSC GROUP DESCRIPTION: FOUR PILOT SITES Bedford-Stuyvesant Restoration Corporation, Brooklyn, NY Long Island City BID, Queens, NY Harlem Congregations for Community Improvement, NY, NY Women’s Housing and Economic Development Corporation, South Bronx, NY OUTCOME: 11 NEW BUSINESSES ATTRACTED TO DATE SIGNIFICANT INCREASED CAPACITY OVER 215 BUSINESSES IDENTIFIED AS PROSPECTS AWARDS: IDA DOWNTOWN ACHIEVEMENT AWARD
  5. ASSESS THE DISTRICT AND BUSINESS MIX ASSESS CONSUMER DEMAND IDENTIFY OPPORTUNITY SITES AND RETAIL CATEGORIES 4. COMMUNICATE YOUR VISION CELEBRATE THE DEAL! TRACK PROGRESS, AND THEN KEEP GOING DEVELOP AND DISTRIBUTE MARKETING MATERIAL IDENTIFY PROSPECTS MAKE THE CALL BE READY TO HELP
  6. # STEP 1: ASSESS THE DISTRICT AND BUSINESS MIX Walk your district and observe the existing retail mix Assess the physical shopping environment Identify your traffic generators Talk to those in the know Relationships: Cultivate relationships to ensure that you have a realistic and informed understanding of the local market.
  7. STEP 2: ASSESS CONSUMER DEMAND Estimate consumer demand Determine trade area Estimate leakage by category (leakage refers to retail sales lost by a community to businesses outside of trade area)
  8. STEP 3: IDENTIFY SITES & RETAIL CATEGORIES Develop an opportunity site inventory Evaluate opportunity sites Identify Retail Categories to Target Consumer demand Community preference Size and configuration of opportunity sites Relationships: Reach out to property owners. Find out what is realistic and keep track of vacancies before they occur.
  9. STEP 4: COMMUNICATE YOUR VISION Make the commercial real estate community aware of your targeted retail approach Share your findings and vision with the stakeholders Become a vehicle for your owners and brokers to promote vacancies Relationships: In addition to property owners, brokers and retailers, get to know your local stakeholders, including government officials, and community board members.
  10. STEP 5: DEVELOP AND DISTRIBUTE MARKETING MATERIAL Map of the district that clearly identifies major activity generators Information about any incentives or resources for retail Testimonials from merchants Sales figures for your district
  11. STEP 6: IDENTIFY PROSPECTS Seek out prospects Network, shop, and advertise Get creative! Keep a Prospect Database
  12. STEP 7: MAKE THE CALL Conduct Prospect Outreach Invite prospects on a Choreographed Tour of your District Testimonials from existing businesses are an excellent marketing tool.
  13. STEP 8: BE READY TO HELP Play the mediator to negotiations Be prepared with resources that will help tenants in their interactions with the landlord Don’t be discouraged, getting to “yes” can mean hearing “no” multiple times
  14. STEP 9: CELEBRATE THE DEAL! A grand opening is an exciting recognition Best way to build credibility and ultimately engage more property owners Issue press release, invite local leaders, cut that bright red ribbon
  15. STEP 10: TRACK PROGRESS, AND THEN KEEP GOING Have a system in place to measure success as well as failure Sharing your success will provide your organization with valuable recognition Rinse, wash, and repeat!
  16. PARTICIPANT FEEDBACK: “Before I was concerned with approaching property owners. I didn’t have the resources or know how to follow through.” “We have established multiple new relationships, including property owners of 5-6 vacant spaces, and 4-5 brokers.” “We are targeting smarter.” “Brokers now know they have a partner in the organization has the capacity to understand the deal.” “The training allows us to have intelligent conversations and be a real partner.”
  17. It’s not over. In fact, it’s never over.
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