PT 1 – VOID ANALYSIS
What’s missing from your center? Perform a “Void Analysis” and find out
A VOID ANALYSIS determines what significant, retail functions are missing from a shopping center.
Here at Strategic, we use this basic fundamental system for determining the difference in a retailer’s capacity to fulfill consumer demand within a given trade area. In calculating the difference in demand, a Void Analysis takes into consideration the associations between market share of competitors and targeted retailers, and to provide for the placement of additional locations in your shopping center.
The basic objective is to identify the potential mix of local, regional and national tenants who meet the market’s needs and who may be recruited to enter into leases in a particular property the leasing agents are marketing. Additionally, a leasing agent will identify a particular set of tenants that show a pattern of following a particular anchor Tenant, such as Target or Wal-Mart.
Properly created, the Void Analysis allows the leasing agent to quantify retail opportunities in a trade area, approach a targeted group of retail prospects not located in your shopping center, find the retailers you want to cotenant with your existing tenants, and ultimately fill the shopping center with higher quality tenants and achieve lower turnover.
Proper implementation includes:
Analyzing the site feasibility, identifying anchors, junior anchors and aggregated national credit tenants, identifying the co-tenancy clauses typically in place for the national credit tenants to avoid overlap, and thoughtful preparation of a tenant-mix strategy that optimizes national, regional, and local retailers.
Once the missing retail functions are identified, the roadmap for your leasing agent is in place. Executing the Void Analysis and other basic fundamentals is essential to executing a comprehensive marketing strategy that produces results.
Brad T. Balbo | Senior Vice President
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